Winning...the economy under Trump - page 27

Despite the doomsday predictions after the election, the economy is roaring. "The Bureau of Labor Statistics released its newest jobs report on Friday, and the data clearly show, under the... Read More

  1. by   toomuchbaloney
    The "good news" is that this is the conservative narrative. They will beat this confused horse until November hoping that no one notices the facts.
  2. by   Tweety
    There's always some news thrown in with the bad. At least people are working. I read that Dallas has 20,000 unfulfilled construction worker jobs and wages are rising there.

    Inflation while a concern isn't huge right now. Something like 0.2% last month. Gas prices have held steady where they are.

    Gross Domestic Product rose a robust 4.1 percent last quarter.

    It is kind of odd that as other areas of the economy are doing well, and there are labor shortages, wages aren't doing well. Wages have actually risen, but when accounting for inflation not so much.

    US weekly jobless claims total 213,, vs 22, expected

    Keeping it selfish, while some of my bills like my phone bill and electric bills are staying steady that my grocery bill is always over budget. Insurance of all kinds, on my car, house, hurricane, dogs and personal health have all gone up.

    I'm also not happy about my "personal rate of return year to date" on my 401K that I contribute to which is -0.62%. Certainly beats the -25.0% I experienced in 2008, but still not happy.
    Last edit by Tweety on Aug 12
  3. by   Lil Nel
    When inflation is factored in, all wage gains have been lost.

    You are actually earning less money, Tweety.

    Between flat wages and inflation, the average worker isn't holding ground, they are literally losing ground.

    What good is full employment, if workers can't have a decent life on their salary?

    It simply doesn't matter.

    I read that student loan debt is slated to hit a trillion dollars by 2025.

    That has tangible effects on the economy.

    That isn't Trump's fault, but it is a drag on the overall economy.
  4. by   elkpark
    Quote from Lil Nel
    I read that student loan debt is slated to hit a trillion dollars by 2025.

    That has tangible effects on the economy.

    That isn't Trump's fault, but it is a drag on the overall economy.
    No, it's not his fault but, on the other hand, his administration is undoing the regulations the Obama administration had put in to place to put limits on more egregious for-profit schools and allow students an opportunity for relief if they've been exploited by predatory schools.
  5. by   Lil Nel
    Quote from elkpark
    No, it's not his fault but, on the other hand, his administration is undoing the regulations the Obama administration had put in to place to put limits on more egregious for-profit schools and allow students an opportunity for relief if they've been exploited by predatory schools.
    That is true, and God knows I am not defending Trump, but the trillion dollar number was years in the making, and I am part of it.

    I had to take out a relatively small student loan to finish my final year of nursing school.

    So, folks of any age can have student loan debt, and it is a real drag on the economy.
  6. by   Tweety
    Obama did his best to make a college education affordable. I distinctly remember Mitch O'Connell saying of his 10 billion dollar a year plan for community colleges "we can't afford it". How can we not afford 10 billion a year when we spend more than that on a war plane?

    I do think the student loan debt is one of the biggest drags on the current economy. The news is millennials aren't buying homes at the rate prior generations did that their age (many are now in their mid 30's), they aren't buying diamond engagement rings, clothes, etc. It's about their priorities being different that their parents, but having a huge student loan payment each month also limits them and this money could be spent on the economy to get a home and other things.

    The great recession hit boomers hard too. Many of them lost their jobs and are now working at jobs at much lower pay. But the younger generation as well.

    Millennials born in the 198�s may never recover from the Great Recession

    As for me personally, I've kept up my standard of living, but I can't say in the last 10 years it's risen any or I've gained any ground. I still have to work overtime to reach a goal and I don't have an emergency fund I'm happy with. But I also can say I haven't gone backwards like a lot of people my age. Being in reasonably good health also helps as I don't have any medical bills at the moment, but did just have a huge dental bill. I will say the Great Recession added a few years to me reaching retirement goals and I have to work at least until I'm 70 or beyond.
    Last edit by Tweety on Aug 13
  7. by   BCgradnurse
    I have very little student loan debt due to Obama's funding of the National Health Service Corps. I agreed to work with an underserved population in return for loan forgiveness. That program has been cut to bare bones now. What a shame. It was a win-win for everyone.
  8. by   Lil Nel
    Quote from BCgradnurse
    I have very little student loan debt due to Obama's funding of the National Health Service Corps. I agreed to work with an underserved population in return for loan forgiveness. That program has been cut to bare bones now. What a shame. It was a win-win for everyone.
    Where did you work, BC?
  9. by   Tweety
    Florida has had a loan forgiveness program for a while now. It's funded by our licensing fee when they raised it from $20 to $60 (it's now $80). I'm surprised they haven't raided that yet. I got $8,000 of a $10,000 loan for my BSN paid for by the state for working in a not for profit facility at the time. I think teachers might have a similar program. But pretty much most students around here are screwed and saddled with debt. State schools like Florida State are below the national average but still quite high for middle class people. There is some sort of savings plan if parents plan ahead they can pay a monthly payment while their child is young. A coworker's parents did this, locking in the rate over 25 years ago for her and she had her tuition paid for and didn't get into debt. I think people have to be smart and do what they can to save money and not go to expensive schools and get these crazy loans for "living expenses". Not all of the debt has been smart on the students part, but they have been preyed upon for profit by banks and schools.
  10. by   BCgradnurse
    Quote from Lil Nel
    Where did you work, BC?
    I worked in an urban community health center outside of Boston, doing adult primary care.
  11. by   heron
    Ahh, but the Skeksis in Chief has declared that what we all see and hear isn't what's happening. So we obviously must be winning something. The question is, what?
  12. by   SC_RNDude
    Quote from Lil Nel
    Well, if inflation is higher than wage growth, how is anything about the economy good?

    Sure people have jobs. Low-paying jobs. Jobs with stagnant wages. Salaries that are list to inflation.

    Where is the good news in all that?
    When the economy grows, more people have jobs and more people have money to spend on goods and services. That equals increased demand, which equals higher prices.

    Housing is a great example of that. People in my area complain of high cost of buying a house. Well, prices are only that high because there are plenty of people who are paying it.

    Wages should still increase.

    The only concern I have is the tariffs. We'll see how it all shakes out.
  13. by   SC_RNDude
    Yes, I strongly believe student loan debt is a under appreciated drag on the economy. There is a lot of talk about how to make college affordable, but hardly anyone discusses why and how it got to be so expensive in the first place. IMO, its the ease of getting loans, grants, etc. and the willingness of students to take on those big loans.

    And, its not just the for-profit schools and bansk to blame.

    State and private colleges have jacked up their rates, and they also offer silly degrees and over promise students and parents.

    The Bennett Hypothesis Confirmed -- Again

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