U.S. growth expectations for 2021 and even 2022 are going through the roof. Thanks Biden. (gas prices, companies)
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But we recorded another record high trade deficit with China yet again! So our stimulus just bought a bunch of Chinese crap and that was that.
I work in construction management, lots of projects are being postponed or cancelled due to severe material escalation. Its easy to see there is another housing bubble, 95% of the population in my city can't afford the average listed home price. Its not sustainable, and I think things are going to flop hard in Q4.
Totally this. Been seeing this all over the place too, esp down in Texas. So dumb how economists and the media crow about unsustainable high housing prices and how it's supposedly "good for the economy". All it means that homes are more and more unaffordable, and the ones buying them are either corporations looking to rent them out at unsustainable high monthly prices, or people going underwater in debt. And the economists who talk about how inflation is good (I think Paul Krugman did this once, part of why we stopped reading NYT) miss the point that soon enough, it means that projects get canceled and things don't get done because costs are too high. Insane to be a contractor right now dealing with lumber and materials prices like they are
The problem with post 3, is that during the trump admin, you gave zero credit to trump and it was all obama, now you refuse to give trump anything, again....so, your post 3 is useless....
We've had housing booms prior.....plywood did not rise 252%....next.....
Tariffs and import controls on Canada that Trump put on is part of the problem. Biden has not removed them; the government is slow to give up a revenue source no matter how ill advised. It's covid and the impact on harvesting, processing and shipping though mostly. There are so many shortages today. It seems no one expected the country to come back so quickly under Biden and was caught off guard. There is plenty of lumber, we have a competent administration to the extent that that matters, so things will get better. If I were considering a project right now, I would likely wait rather than pay 50 bucks for a sheet of plywood that will be less than half that a year from now.
Unfortunately, so will inflation and the national debt.
Thank Trump for that. He printed money (via near-zero interest rates) and ran up debt like nobody before him.
To be fair, Biden looks to be running up more debt, but he's at least got a plan to pay for it, as opposed to failed Trickle-down antics that only make it worse.
The inflation and debt we see today is most impacted by Trump, who ran much higher deficits than ANY POTUS before him. Fact. Biden is TBD, but as I say, not looking like he'll improve that aspect of the Trump disaster.
The problem with post 3, is that during the trump admin, you gave zero credit to trump and it was all obama, now you refuse to give trump anything, again....so, your post 3 is useless....
And now that Biden is president, Trumpers refuse to give Biden any credit and everything is all Trump.
That is, Trumpers are doing exactly the same thing they ridiculed anti-Trumpers for doing 4 years ago.
Tariffs and import controls on Canada that Trump put on is part of the problem. Biden has not removed them; the government is slow to give up a revenue source no matter how ill advised. It's covid and the impact on harvesting, processing and shipping though mostly. There are so many shortages today. It seems no one expected the country to come back so quickly under Biden and was caught off guard. There is plenty of lumber, we have a competent administration to the extent that that matters, so things will get better. If I were considering a project right now, I would likely wait rather than pay 50 bucks for a sheet of plywood that will be less than half that a year from now.
Tariffs are not revenue for the government. They are paid for by the importers importing the tariffed goods, making them more expensive to buy. That cost is passed on to the consumer.
The purpose of a tariff is to make the competing goods more expensive so importers buy locally. Trouble is, when those goods being imported are needed and importers have little or no choice but to just pay the tariff and increase prices.
But we recorded another record high trade deficit with China yet again! So our stimulus just bought a bunch of Chinese crap and that was that.
I work in construction management, lots of projects are being postponed or cancelled due to severe material escalation. Its easy to see there is another housing bubble, 95% of the population in my city can't afford the average listed home price. Its not sustainable, and I think things are going to flop hard in Q4.
The trade deficit with China actually went down in 2020, problem is the traded deficit with other countries set a record. Great point on the housing bubble, this can't continue.
People are kidding themselves if they think printing up trillions of dollars and handing them out at near zero percent can be done without horrible consequences.
Yes this is a huge bubble and when it bursts......
I told you the other day that CEO confidence was the highest in 17 years. Projections of GDP growth in 2021 and even into 2022 confirm the reason for that optimism. While it's early and these projections will certainly change, as of right now there is a lot of reason for optimism.
Unless, of course, you're a Biden-hating conservative.
Wait a minute, as I recall Obama took credit for Trump's successes, with Obama going so far as to say "thanks Obama".
So why is the left who bought Obama's rubbish, hook, line, and sinker, not saying the same thing about Trump? He had the economy firing on all cylinders before the Wuhan virus hit?
Yes...and no. If we printed 100 trillion and it resulted in a 1000% growth in GDP? Worth it. There is in fact good debt. We have very little of it.
One issue is the GOP went on and on about it...then under Trump were willing to 100% ignore it. Not a peep. And are now trying to make it a issue again.
debt has its place. Deficit spending during the pandemic is probably fine, but afterwards? We need to either raise taxes, lower spending, or preferably both. One of my biggest criticisms of Obama is that while he did reduce deficit spending drastically, he did not go far enough. We needed to be paying down our debts during the good times.
The last 3 years prior to Trumps last year we should have been doing so as well, but our government failed us. No I dont blame Trump 100%, but certainly at least 50%. He could have gotten this under control if he had wanted. Once the pandemic hit though? Nah. That last year of Trumps-that deficit spending was probably ok....mostly. Even some of the bad spending.
Biden? This year is fine, but I want to see him get this under control post pandemic. Its important.
Until the COVID-19 Pandemic Lockdown (03/16/20), Donald Trump had increased debts by 16.08%. That’s considerably less than Barack Obama (69.98%) and George W. Bush (105.08%)
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