OFFS--This is the shit that gets passed around social media these days.

[Tommy Carcetti]

1. No, the economy does not equal the stock market, nor does the stock market equal the economy.
2. That said, even with the loss the Dow closed nearly 5,000 points higher than it ever did during Trump's presidency.
3. Also, a 139 point swing is pretty normal at today's stock market volumes.
4. So yes, it is "Joe Biden's economy." You're welcome.

[dawg]

1. The market is up 23% this year.

It's overdue for a correction, but still, that is a remarkable return.

[Bernardo de La Paz]

28. Meanwhile Fox hypocrites scream "Biden's Crises!1!!1!!!" . . . nt

[Atticus]

2. It is a "tell" as to just how stupid Chaffee considers his readers that he

apparently believes they will swallow this silliness.

[Tommy Carcetti]

5. And yet that they did.

BTW, he was actually the second runner up for the Republican nomination for Maryland's last US Senate race in 2018, and the Republican Nominee for Maryland's 5th District House race in 2014. He received over 80,000 votes against House Majority Leader Steny Hoyer.

And yet he's a fucking idiot.

https://ballotpedia.org/Chris_Chaffee

[CaptainTruth]

13. I don't think Repugs understand the effect their comments have on folks like me.

When I see folks on the Right make comments like that, ones that are purely partisan BS that doesn't reflect reality or facts, I stop taking them seriously. I stop listening to what they have to say because it's all pure partisan BS with no facts or evidence to back it up & I don't have time to waste listening to crap like that.

Then, they complain that they feel like no one takes them seriously, no one listens to them, & their voices aren't being heard, but it's their own fault because they've alienated a huge portion of Americans with their endless partisan BS rhetoric. They've done it to themselves & they're not even self-aware enough to realize it.

[2Gingersnaps]

16. Thank You! THIS!

"No ma'am I am not being condescending, I am trying to be patient and kind, because at this point what purpose does it serve to get mad at such blatant ignorance?"

[KS Toronado]

19. When I'm in similar situations

I ask them where's the evidence, come on that smart phone in your hand knows the truth.
Usually ending with "The truth will set you free, who said that?" & "Don't be afraid"

[Pinback]

3. YTD looks pretty good

https://money.cnn.com/data/markets/dow

[jmbar2]

4. The world is awash with money constantly compounding

Money is constantly being added to retirement funds, pension funds, pumping out dividends, and capital gains. Then it goes into the market, or real estate.

There's no place else for it to go. It's screwing everything up for the nonrich, and the planet.

[JT45242]

9. Which is why financial literacy is critical to teach in schools

Understanding the power of compound interest and how it helps you with a 401K/403B/IRAs etc and how it hurts you (credit cards, massive student loans for jobs that don't pay enough to support them).

My 47 year old brother in law didn't even know what a 401K was and whether or not he was eligible for one...ugh.

If American workers were better informed then they would benefit when the stock market goes up. They would understand that getting every matching penny from your employer as early as possible is how you grow wealth. In a perfect world people would plan retirement so that they would use pension/401K in a way that you never don't regularly touch principal (pull 5% annually) and supplement with social security.

Also, if more folks were given these options because businesses were afraid of losing workers to employers who offer them, then things would look up. The stock market is not all bad.

The insider trading and crony capitalism suck -- but using mutual funds to grow generational wealth with matching from employers is a good thing. the one good thing about switching from my teacher pension to a 403B is that when I die the money will go to my family rather than to fund other teachers. It isn't a guarantee that I will have XX % of my best three years like my teaching pension was, but I can invest wisely in green and ethical mutual and still average 12% growth per year for the last 8 years.

[jmbar2]

12. I wish I had learned this early in life

I had $27K saved up when the 1987 financial crash occurred. My dad said, "Don't sell, it will recover". I was so panicked that I sold, and missed out on the recovery. I have kicked myself ever since for not listening to him. He was a CPA.

Sorry dad. You were right.

[CaptainTruth]

15. When stocks are down, they're on sale.

I adopted that philosophy years ago & it's advice I've given many friends who were tempted to sell everything during a market downturn.

Imagine that a TV you've wanted goes on sale for 20% off, you buy it to take advantage of the lower price, right? Now imagine a stock goes on sale for 20% off, if market fundamentals haven't changed & you believe it's a temporary price reduction, why not buy it while it's on sale?

[jmbar2]

27. I learned that later.

BTFD!

[ProfessorGAC]

32. The Worst Case Is...

...you're getting that stock at a price supported by the financials.
Even if that 20% isn't a "discount", but rather a correction to fundamentals caused by profit taking, the true value of the stock is probably still fair at that 80%.
One will still make a long run return.

[modrepub]

6. Sock Market and Housing Connection to Inflation

Most fail to make the connection between general stock market value increases and housing price increases. Both of these happening in tandem increase the money supply. Sellers of stocks and houses that have increased in value have money "created out of thin air" that now gets dumped into the market. It's classic inflation, more money chasing the same amount of goods leads to higher prices.

As a corollary, increased money supply and circulation distorts the market. Items that increase in price generate more investment to increase supply to meet demand. When the "music stops" (decrease in purchases) the folks who assumed debt to increase production have no means to pay it back and default on their loans. If this begins to spiral via a positive feedback loop then you get economic contractions, recessions and sometimes much worse.

[WA-03 Democrat]

7. Be careful

The prevailing economic theory on this site is our inflation is temporary and is caused by COVID. I disagree. It is caused by the condition you site in addition to the Trump Tariffs this has been building and driving prices up for the past 4 years.

[IronLionZion]

10. It's all of these reasons, which complicates things

COVID has reduced production in many sectors including manufacturing and farming. OPEC has decided to control supply to keep oil prices high. Many corporations have decided to jack up their prices instead of hiring more and paying more. And Trump's tariffs have increased costs and disrupted trade.

The scope and complexity of all that takes time to sort out. If it were easy, the Biden administration would have done it already.

[modrepub]

26. Your Point on Hiring Is Good

But I'd also add that a lot of industries have under paid certain positions for a long time. Pay for jobs with high turnover isn't really responding to normal market pressures. For these types of jobs, the actual market wage is artificially low. You just find someone else to do the underpaid job when your worker quits. That doesn't work when your pool of willing workers eventually dries up.

Yea it is complicated. But politicians and businesses have kept interest rates artificially low for decades. That has implications. Cheap money does stimulate the economy but it also inflates the amount of bad investment decisions. Higher interest rates do make business more expensive but the flip side is it can prevent a lot of investment in crackpot ideas.

[IronLionZion]

8. There are record high job openings, low unemployment, and "labor shortage"

causing increase in wages for many jobs. And the stock market is way higher than when Biden took office.

The Fed is considering whether it will taper today because out economy is so strong. They will likely increase interest rates to slow down inflation.

The Dow Jones was 31,000 on inauguration day this year

[inthewind21]

14. Where are

all the wage increases everyone keeps talking about?

[IronLionZion]

20. I just got the largest raise of my career

didn't you? Tons of people are changing jobs now so it's a good time to ask for a raise.

[W_HAMILTON]

22. If your employer hasn't raised your wages...

...and you haven't talked with them about it, then maybe you should do what the millions of other Americans that have seen wage increases have done and start looking for a new employer.

[gab13by13]

11. Who cares what is posted on right wing sites?

[FSogol]

17. It is good to see this here because it gives everyone the ammo

To respond. The op listed a bunch of arguments refuting the rw nonsense. That's better than ignoring it.

[Orrex]

18. I have seen versions of this for my entire adult life:

The economy is not the president's responsibility unless:

1. The economy is strong and the president is a Republican

or

2. The economy is weak and the president is a Democrat

Not to mention, of course, that Republican presidents routinely benefit from (and destroy) the policies implemented by Democrats, while Dems invariably have to clean up the shit-heap left for them by Republicans.

[Initech]

21. That's pretty tame compared to some of the stuff I've seen on r/HermanCainAwards.

[louis-t]

23. Republicans are NOT economists.

They are ideologues. They have a bunch of stupid ideas written on a bar napkin that say 'if you do THIS then THIS will happen'. None of it works because it is based on what they WANT to happen, or what they want you to believe will happen. They don't know how economies work.

[onenote]

24. Fun facts

During the last full month before the 2020 election, on Trumps watch, there were at least eight days on which the Dow declined by more than 136 points. Overall, the Dow dropped 1315 points between October 1 2920 and October 31 2020.

[iluvtennis]

25. tfg always equated the stock market performance with the economy and it took over 3 years

for many in the media to comment that tfg's assertion was incorrect.

[ashredux]

29. 139 down is a small hiccup....it shows NOTHING about the economy....

He knows nothing about the markets…

[IronLionZion]

30. And the Dow is up 383 today after the Fed announcement

the deep state socialists of America's central bank seem to think our economy is strong enough to taper their stimulus and end it completely in March.

[panader0]

31. I've been out all day. What was the FED announcement?

[IronLionZion]

33. They'll start tapering next month

and end stimulus in March. 3 interest rate hikes next year.