American Economics Thread
- Thread starter Bernard
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Why isn’t it going to 1 instead?
Core PCE prices in the US, which exclude food and energy, jumped by 0.6% month-over-month in January of 2023, the most since August, following an upwardly revised 0.4% increase in the previous month and above market estimates of 0.4%. The annual rate, the Federal Reserve’s preferred gauge to measure inflation, rose by 4.7% and surpassed market expectations of 4.3%, backing signals from Fed policymakers that interest rates must be higher for longer to tame unsustainable price growth. Meanwhile, the headline figure rose by 0.6% from the previous month, the most since June and the annual rate accelerated to 5.4% from 5.3%.
source: U.S. Bureau of Economic Analysis
Sales of new single family houses in the US jumped 7.2% month-over-month to a seasonally adjusted annualised rate of 670K in January of 2023, following an upwardly revised 7.2% jump in December. It is the highest reading since March last year, beating market forecasts of 620K, in a sign the housing market may be stabilising. Sales soared 17.1% in the South to 451K, offsetting decreases in the Midwest (-6.9% to 67K), the West (-7.3% to 127K) and the Northeast (-19.4% to 25K). The median price of new houses sold was $427,500 while the average sales price was $474,000, both below $430,500 and $501,200 respectively a year ago. There were 439K houses left to sell, the lowest since May of 2022, corresponding to 7.9 months of supply at the current sales rate.
source: U.S. Census Bureau
Personal spending in the US jumped 1.8% month-over-month in January of 2023, rebounding from a downwardly revised 0.1% drop in December and beating market forecasts of a 1.3% rise. It is the biggest increase since March of 2021, in a sign consumer spending started the year on strong footing. Within goods, the increase was widespread and led by motor vehicles and parts as well as "other" nondurable goods (led by pharmaceuticals). Within services, the largest contributor to the increase was spending for food services. After adjusting for changes in prices, real personal spending soared 1.1%, rebounding from a 0.3% fall in December.
source: U.S. Bureau of Economic Analysis
Food stamp benefits are being reduced across the board Wednesday, with 42 million Americans, all of them poor and many of them children, seeing cuts ranging from $95 to $235 a month per household. The average per capita payment will fall to $6.10 a day, or about $2 a meal.
The food stamp cuts are particularly perverse and reactionary because they take place under conditions of high inflation in food prices. According to the US Department of Agriculture, food prices rose by 11.4 percent in 2022 overall, faster last year than in 2021.
The American government is carrying out what can only be called a “crime against humanity” within the United States.
The food stamp cuts are particularly perverse and reactionary because they take place under conditions of high inflation in food prices. According to the US Department of Agriculture, food prices rose by 11.4 percent in 2022 overall, faster last year than in 2021.
The American government is carrying out what can only be called a “crime against humanity” within the United States.
Honestly that really pisses me off, because many of those on food stamps are working people (sometimes more than one job). When a working person cannot even provide for their own basics, let alone for their family the system is beyond broken. Honestly, what is the point in working if you can't even stay afloat, let alone get ahead. The ironic part is that after WW2 the US actually provided massive aid, including food aid to Europe, especially Germany because they were worried that hungry people would find communism attractive if it meant a full stomach. This is the stuff that used to drive revolutions, its sad that Americans have been lied to, brainwashed and beaten down so much by their government and corporations that this hasn't led to revolts.
While I still hate people who rob luxury goods store anyone who has to rob supermarkets to make the ends meet now has my sympathy.
manqiangrexue
Brigadier
I don't think so. Supermarkets provide a needed service to the people, which is to satiate our humble biological need for food. The US, despite its hardships, still has many programs to feed the hungry and if one is willing to work, they can still feed themselves a fundamentally acceptable diet and maintain a modest lifestyle. The problem is that people with no skills, degrees, or certifications want to work 8 hours a day while being paid healthcare and retirement benefits, enough money to eat whatever expensive foods they want, dine at restaurants several times a week, save up quickly to own a house and a car, and then have spending money left over. And if they don't get that, instead of working hard to get as much as they can, they'd rather go on benefits or resort to crime, blaming the government for not giving them a comfortable lifestyle.
Luxury goods stores, on the other hand, are a parasite on society. They do not make our lives better by technology and if they all disappeared, so would the desire for them and life would be more down-to-earth and better. Luxury brands are built on 2 concepts: 1. When Italian/French hands make the same thing, it is worth 100X more than when it is made by Chinese or other industrially-competitive hands. 2. They rob the men while staring us in the eyes, letting us know that they are going to take $8K for a bag which will go into the furnace at year end if no one buys it, and we must pay it because they've brainwashed the women. Even my wife, who is incredibly thrifty at everything, saving me tens of thousands of dollars a year, professes a deep and dark adoration for Chanel, to which I responded, "No, F- France. We can spend $10K on Chinese goods but not $5K on Chanel." Therefore, on those 2 principles, I truly feel a massive vengeful Schadenfreude inside whenever I see rioters and looters wreck a downtown luxury store.
Besides, looting a store is looting a store. Why would anyone with a brain loot a supermarket for $40 worth of groceries max with which they can carry and still run when they can loot a Hermes store and come out with $60K in clothes and small items in their arms which they can sell for $10K and use that to buy food for months?
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This is it right here. If you're going to rip something, rip something valuable.