Discussion: The Economy, Fiscal Cliff, National Debt, And Other Financial Issues IV

[squeekness]

If the Supreme Court personally wrecks the economy, most Americans will be out for blood. Republicans won't win the presidency or congress for a looong time.

I'd like to see that happen....but without the economic collapse.

 

[Teelie]

Republican voters are both blind and ignorant enough to fail to see their party is directly responsible for such a thing and blame Democrats or anyone else for voting these incompetent terrorists into power.

 

[squeekness]

 

[MagnarTheGreat]

McCarthy doesn't have the votes in the R caucus to raise the debt ceiling alone even if he wanted to, there's so many holdouts he needs Democrats to go along with it. McCarthy is one of the weakest Speakers ever, like Truss was one of the U.K.'s weakest prime ministers.

Politico - White House believes massive Dem bailout may be needed to pass debt ceiling compromise

 

[Teelie]

Any deal he makes that doesn't irreprably damage the country is going to cost him the Speaker because a significant faction of Republicans want to see the world burn.

 

[MagnarTheGreat]

The US economy grew faster in the first quarter than previously reported | CNN Business

Gross domestic product, the broadest measure of economic output, increased at an annualized rate of 1.3% in the first quarter, up from an initial estimate of 1.1% reported last month. GDP is adjusted for inflation and seasonality.

 

[squeekness]

The US economy grew faster in the first quarter than previously reported | CNN Business

Nice.

 

[MagnarTheGreat]

Yahoo! Finance - US economy beats back 'dubious' recession fears after GDP, jobs data top expectations

 

[Sithborg]

I see the terrorists are adding last minute demands to their ransom.

God, it is going to be hilarious when McCarthy loses his much beloved speakership.

 

[Teelie]

They haven't even gotten close to their previous demands before adding more. The power has gone to their head.

 

[squeekness]

They haven't even gotten close to their previous demands before adding more. The power has gone to their head.

The far right doesn’t want a deal, they want to burn down the government.

 

[Teelie]

They made that much obvious years ago. They can't even wait to find out their current demands won't be met though.

 

[InCali]

McCarthy doesn't have the votes in the R caucus to raise the debt ceiling alone even if he wanted to, there's so many holdouts he needs Democrats to go along with it. McCarthy is one of the weakest Speakers ever, like Truss was one of the U.K.'s weakest prime ministers.

Politico - White House believes massive Dem bailout may be needed to pass debt ceiling compromise

AND......if that's the case, it'll be time for the Dems to extract some concessions of their own.

 

[Sithborg]

AND......if that's the case, it'll be time for the Dems to extract some concessions of their own.

And then we get another month of leadership contests, which will be hilarious.

 

[MagnarTheGreat]

Congress must address debt ceiling by June 5, Yellen warns | CNN Politics

 

[squeekness]

Let's hope they do.

 

[MagnarTheGreat]

NY Times - The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners
In an era of surging home and stock values, U.S. family wealth has soared. The trillions of dollars going to heirs will largely reinforce inequality.

CNBC - Here’s the average net worth of Americans ages 35 to 44 (Feb 2023)
Net worth (your assets minus debts) tends to increase with age. CNBC Select breaks down the average net worth of people in their 30s and 40s.

“Less than age 35: $13,900 median net worth $76,300 average net worth “

Inequality will get worse when you need money to make money and those already with the most have the most advantages by far.

Bloomberg News - Young Americans Struggle to Hit ‘Adult’ Milestones

Pew Research Center - Young adults in the U.S. are reaching key life milestones later than in the past

 

[squeekness]

Young Americans Struggle to Hit ‘Adult’ Milestones

Young adults in the U.S. are reaching key life milestones later than in the past

Because they can't earn enough money to keep up with inflation.

 

[squeekness]

The Senate passes the debt ceiling bill.

 

[Teelie]

So the terrorists lost this time. They won't give up though.

 

[MagnarTheGreat]

Yahoo! News - Jobs report: US economy adds 339,000 jobs in May, crushing expectations

 

[squeekness]

All good news.

 

[MagnarTheGreat]

NBC News - Inflation cooled to 4% in May — the lowest reading in two years

The U.S. rate peaked a year ago in the early aftermath of Russia's invasion of Ukraine.

global average inflation rate (tradingeconomics.com): 15.3%
global median inflation rate (tradingeconomics.com): 6.5%

 

[squeekness]

But wait! I thought it was all Biden's fault!

 

[MessiahDecoy123]

But wait! I thought it was all Biden's fault!

All last year the YouTube gurus predicted an economic crash.

They kept pushing back the goal post every month. It was hilarious.