We often talk about the disconnect between Wall Street (globalists) and Main Street (nationalists), and their influence in economic policy. Today, Jason Furman, a former Chair of the White House Council of Economic Advisors, appears on CBS News to discuss his Harvard-Kennedy School impression of the U.S. economy.
There’s a particular point in the interview [Transcript Here] that encapsulates the moonbat perspective of the globalists. Listen at 01:20 and you will hear this:
FURMAN: “Look, we’ve seen a remarkable thing. Consumers, if you survey them, are very pessimistic and negative about the economy. When they vote with their wallets, we saw- we got the consumer spending data for April and it was way up. Consumer spending on just about everything has been booming. Over the next 6 to 12 months, I’m not super worried about a recession. After that is where I start to get worried because that’s where the Fed’s policy will start having more of an effect.”
Put another way: Our policies have made prices skyrocket (inflation). Consumers are forced to spend more money to sustain themselves (food, housing, fuel, energy); ergo consumer spending is booming. Brilliant, our plan to increase consumer spending by raising their prices is working. That’s the way these people think. WATCH:
We force you to pay more, then turn around and claim economic victory because you are paying more…. “consumer spending is booming.”
By the way, he’s at the World Economic Forum where this perspective is actually cheered inside the echo-chamber.
Comrades, American consumers are overjoyed with gasoline because they are spending so much more money on it.
Gasoline sales are booming, so everyone must be happy.
Brilliant!
A dazzling display of credentialed thinking.
A true elite demonstrating his superior understanding and nuance. You should feel humbled.
“As Orwell pointed out, there is a certain kind of stupidity that only intelligent and educated people can exhibit, for to believe certain things patently absurd sometimes requires dialectical ability or skill. There is a certain vogue at present for the teaching of so-called critical thinking, the most likely practical effect of which will be to increase people’s powers of rationalization; which is, to adapt slightly F.H. Bradley’s dictum about metaphysics, the finding of bad reasons for what they want to believe for reasons other than the truth of the belief.”
https://www.takimag.com/article/sense-on-the-dollar/
There was a book called – ” Toxic Sludge Is Good For You ” that fits this description.
Economist, Schmeconomist
When Barky was running up the national debt, my lib friend told me we don’t really need to worry about deficits and the debt
The closest reason I could discern was “Because Krugman”
Elsewhere, liberals were arguing that because the national debt was a debt held by our National government on behalf of us citizens, that it really was a debt to ourselves and so we didn’t really need to pay it or worry about paying it, and could just “forgive it” … or something
Lib (ill-) Logic
But if Repubs are in charge, Dems will scream bloody murder, right?
Bernanke has admitted they (he) made a terrible mistake with their (his) policies. Fancy that!
Nobody is that stupid.
I think he’s setting the table for the post election narrative. He’s super happy now but in 6 to 12 months he’s really worried.
What happens in 6 to 12 months, the Dems, if they don’t cheat, will lose big and the Republicans will be in control and therefore all blame will be shifted to them right up to the 2024 election.
Watch and see.
if they don’t cheat … enough
it will require titanic cheating.
Which they are quite adept at.
Titanic Cheating is what happened in the middle of a,November night in 2020. Cheating that overturned President Trump’s landslide re-election victory. None of the cheaters have yet to be hanged or executed by firing squads. They live to cheat again.
Over credentialed, undereducated…as Mark Steyn has so brilliantly put it.
Elevated beyond competence and comprehension!!
That as well.
So did I, Luz. I LOL-ed for a long time after reading it.
Their arrogance is exceeded only by their incompetence.
Or is it their incompetence is exceeded only by their arrogance?
See? I’m just not in their league.
Paraphrasing Dr Sowell…
Whenever there is a disaster, you can be sure a man from Harvard is in the middle of it.
More like enraged.
Price of 91 Octane Gasoline in San Diego: $6.27/ gallon. Lot of young workers and students have to drive 20 miles from home to work or school each way each day.
Meanwhile the homeless lounge around all day on the new underused $2.5 BILLION 11.4 mile extension of the Trolley from Old Town to La Jolla taking up choice seats, bringing their feces-stained sleeping bags and pillow, 2 glad-bags of crap, and an open-container filled hopefully with Mountain Dew and not urine when they knock it over with their feet all over the floor. (Rarely any MTS security to hussle them off).
so the homeless hang around at la jolla cove and la jolla shores all day?
are the san diego police still aggressive?
or have THEY gone “woke”, too?
There are a bit more homeless in downtown La Jolla by the Cove but the trolley stations are up by UCSD/ La Jolla Village Road and UTC mall in University City so it is a bit of a hike to get to the Ocean. But they then encamp in Rose Canyon and other nearby sidestreets or near brushy areas by bikepaths. There is a Northern Division SDPD station north of UTC mall so the cops have a bigger presence there. Usually only a few cop cars or SUVs in downtown La Jolla proper.
In 2018 , the principal at LJ Elementary was fired or had to resign (after 20 years at the school) when some girl students, who before school had been in the local Starbucks 2 blocks away when they, as they left the store with their coffees, were followed by a homeless black guy who had been intently staring at her while also in the store (who had been part of a group of new homeless across the street in the Bev Mo (liquor store) parking lot at the MTS bus stop) so she put out an email alert to parents with the description of the creepy homeless guy and some liberal white parent took issue about the actual description of the dude being a black dude. So of course the black community leadership led by an attorney had to have (enforced) a town hall meeting at the school to shame the principal for doing her job. She then had to publicly apologize for perpetuating racist tropes.
The police were criticized for tackling and punching a black homeless dude2 years ago who had just been witnessed by cops who were riding in their SUV urinating on a homeowner’s landscape and had put on a defiant attitude and started to walk away against their lawful commands to stop. They tackled him in the crosswalk across from UCSD and it was on camera. The dude will now get a nice payment and the city will look for ways to make urinals accessible to hobos.
There is a small group of mentally ill homeless who scream vulgarities to themselves or to imaginary friends in anger as they stroll through La Jolla too.
The police that Cove and Children’s Pool only keep tourists from harassing the seals and sea lions. (don’t want to violate the Marine Mammal Act 1986).
Looks like they glued his balloon head to his his midget body.
Lmao I will never unee that. I was expecting a real high pitched voice.
Oh yes…. the Harvard School of [Socialist] Government…. where defeated and former Democrat officials go to burnish their gravitas in front of go-getter Democrat students who have never had a job and have not filled out a 1040 before. Just think, they almost awarded a travelling fellow slot to traitor Brat Manning until other Dems on affiliated think tanks at the School like Mike Morrel (deputy CIA during Benghazi and Hillary defender) quit in protest. At least their banal red-brick campus buildings look like squalid ghetto housing compared to nearby neo-Georgian buildings. Every student has unkempt facial hair to some degree.
far from being a traitor, bradley/chelsea manning is a hero of much bravery. s/he revealed warcrimes of major proportions committed by the gw bush administration in its nuremberg violative aggressive war against iraq, begun under false pretenses, following the 9-11 false flag which they assisted the mossad in executing.
she was also abused by the war criminal barack obama who kept her in solitary under bright lights often naked twenty four hours a day. still she never gave up the person, likely julian assange, to whom she gave the damning material the u.s. government was so enraged to see revealed, such as the gratuitous murder of an iraqi family.
He’s not a woman.
She,don’t think so.you lost your boneafieds
“Every student has unkempt facial hair to some degree.” Even the women!
dox and vigilante justice
if you have a better idea that will actually work, I’m all ears.
Abolish the Fed.
the owners of the Federal Reserve Bank of the United States are the Goldman Sachs, Rockefellers, Lehmans and Kuhn Loebs of New York; the Rothschilds of Paris and London; the Warburgs of Hamburg; the Lazards of Paris; and the Israel Moses Seifs of Rome.
https://www.bing.com/search?q=The+owners+of+the+Federal+Reserve+Bank+of+the+United+States+are+the+Goldman+Sachs,+Rockefellers,+Lehmans+and+Kuhn+Loebs+of+New+York;+the+Rothschilds+of+Paris+and+London;+the+Warburgs+of+Hamburg;+the+Lazards+of+Paris;+and+the+Israel+Moses+Seifs+of+Rome.++http://www.globalresearch.ca/the-federal-reserve-cartel-the-eight-families/25080&form=APMCS1&PC=APMC
Solve 80% world’s problems, bomb WEF, Davos.
Where is a UAV when you need one?
So , I’ll get all giddy and smug about paying over $200/tank of diesel in my trucks this week.
FU Wall Street and the horse you rode in on.
I’ll see your giddiness and raise you undisguised glee at paying too much for any goods you may transport.
The only disagreement that I have with you is that is not a horse, it’s a kamel. I’d laugh if it weren’t so f…ed up.
It’s just unreal. Do you think the guy is really this stupid or just pretending?
If you think of him as an apologist for deficit spending, the question becomes moot.
He honestly believes consumer spending is the measure of an economy’s vigor.
Weimar Republic and Zimbabwe must induce a state of rapturous awe in him.
This is what you get from those who shill for the devil. He isn’t stupid. But he has sold his soul.
He’s a whore: no shame.
.
Well, he’s overpaid.
Was he expecting a tip . . .?
I THINK, in fact I am pretty sure, they actually BELIEVE the crap they are spewing.
Recall, during 4+ years of the Trump Economy (it started as soon as he was elected, so 4 years 3 mos. at least) mainstream economists were “Amazed” and “stunned” at the economic miracle PDJT created.
And, they have been “shocked”, “stunned” and “dismayed” at the Brandon economic catastrophe.
And in both cases, their estimates and predictions were WAY OFF, distorted by their leftist BELIEFS.
And thats the KEY; they believe, because they MUST believe; it gets to the very center of “Who they ARE”.
To question their beliefs, is to them challenging the very nature of their Universe.
And the more bizarre the belief, the more adamantly, and even militantly they will defend it.
This ^!
It’s part of the liberal elitist paradigm they have bought into and become. It’s reflected in all of their choices, tastes and world view. They don’t think outside the box. They know their place in it and they are confident.
Not pretending!!
Where I grew up, we called that polishing a turd.
Some percentage of spending is folks buying items NOW , before dollar purchasing power declines further.
Low-Brow economists that study – L.V. Mises , G. Edward Griffin and others know this is the early warning flag of an inflationary-crack-up-BOOM. ( A term shunned by psudo-intellectuals )
Weimar ( I think ) people got paid , and got a mid-day break from work to BUY GOODS that day before the currency devalued further. This is a historical fact , even if I have the date / place wrong…. it happened.
See ” Tulip-mania “
“… Some percentage of spending is folks buying items NOW , before dollar purchasing power declines further.”
Yep. That’s what we’ve been doing.
Yes I have been buying items before the cost goes up for some time.
Also, I took a hard look at the breadth of non-food items I was buying, for example, bounce dryer sheets and laundry detergents and face creams and make up and foot creams and lotions. All that stuff has been going up in price like crazy.
I decided to eliminate the bounce sheets($9) and went to wool dryer balls (work great). I made my own laundry detergent using Sundance’s recipe (works great). Googled recipes for homemade face cream- found one for frankincense face cream bought the ingredients (through Amazon I confess) and made that. It’s great and made so much. I paid $14 (the expense would have been $45 but I used points) but it looks like it will last the rest of my life. The cream has no chemicals and I can already tell is better for my skin than all the expensive store stuff. Essential oils are the new must have.
So the larger point is I am narrowing my purchases to the true necessities and making homemade. Cleaning products? White vinegar. Ammonia. We are baking our own bread.
Clothes, shoes, household items I buy second hand or at church rummage sales. No tax and low prices.
We have stopped going to restaurants regularly except to meet others for Mexican.
So, if others do some semblance of this, what will it do to the economy? Won’t it shrink the breadth of products? Isn’t that what happens in communism and socialism? Pretty soon instead of all those different product choices, there is only one or two because the other companies have gone out of business. You can see it with restaurants already- closed up and gone.
Old saying, “better to be thought a fool then open your mouth and remove all doubt”.
The bright side, I won’t be called a racist for pointing out that he is full of doo-doo.
Well…. There really are no rules for defining a racists anymore other than the whim of a radical, Marxists SOB.
Are we starting to see the negative results of woke college admissions policy or is this just normal academic stupidity?
It is not the admissions policy that is at fault. It is the qualification for graduation.
Cute trick question.
Answer: BOTH! They are one and the same!!
What did I win?
Maybe you just won the No Bell Piece prize from the Crackerjack box, LOL.
Speaking of which, Crackerjack now comes in 6 ounce BAG and cost $3.78 plus tax with NO PRIZE or peanuts!
Do not hold your breath waiting for me to buy one 🙂
I have known some Harvard economists over the years they bear zero resemblance to this bozo.
Who is this Margaret Brennan person has she ever had a real job or any accomplishments? She hasn’t found her calling and I wonder what it might be. Not much energy or intellect going there.
“Consumer spending on just about everything has been booming.”
Consumers must to spend more just to keep even, you Harvard-educated ape.
But it is also because American working people are now all Preppers. They have to buy for today–AND tomorrow. They have to buy defensively for the evil shortages you f*cking criminals have scheduled for us.
When that happens, we’ll be dropping by unannounced, Chatsworth.
Panic buying also creates increased consumer spending. Much of consumer buying in the last two years was on durable goods. Now it’s shifted to foodstuffs. Do they not notice the trend?
Tell me about it!
Ammo prices are a little bit better but still mostly ridiculous.
Gasoline and diesel are booming in sales! ( I studied one weekend at Harvard and stayed at a Holiday Inn Express.)
” … buy for today–AND tomorrow. ”
Exactly what we’re doing.
This crazy talk is not classic economics, it is to cheer on Biden and distract from the disaster he has engendered. Note that in fact a year has gone by since Biden initiated his inflationary money policy. What Furman is avoiding saying is that it will take a year of ever-tightening monetary policy by the Feds to crash the economy…however that year will be one of escalating inflation.
This Furman 3 weeks ago:
Just how much pain are workers feeling? Can you quantify it?
There comes a point , when worker just STOP. Its just not worth it. This includes GOV workers of all kinds.
Atlas Shrugged was prologue
An instruction manual.
Biden has no idea what he is doing.
This is a classic economic warfare alright. The globalist’s intend to take down America – the greatest obstacle to their new world order.. That means taking out middle America and Main Street
Is it wrong to pray Putin will nuke Davos when all of the pieces of human trash are gathered there?
💥 Right or wrong it is in fact a target rich environment ☄️
My spending on fuel and food is way up. My personal economy is booming. Said no one, ever.
“Look, we’ve seen a remarkable thing. Consumers, if you survey them, are very pessimistic and negative about the economy. When they vote with their wallets, we saw- we got the consumer spending data for April and it was way up.”
Anyone else notice the mental U-Turn?
He starts speaking about something negative: “Consumers, if you survey them, are very pessimistic and negative about the economy. When they vote with the with their wallets, we saw-”
Then the turn occurs: “we got the consumer spending data for April and it was way up.”
Typically when one of these cretins breaks a sentence in this manner, they have caught themselves about so say something they shouldn’t.
In this case it would appear he realizes he is about to say the World Economic Fabians are aware their economic policies are alienating voters (“When they vote with their wallets, we saw-)” which is, apparently, something he is not supposed to say.
He is all (forced) smiles and all (forced) positivity throughout; apparently his mission was to rally the masses in support of inflation (Consumers are very pessimistic) and spin increased consumer spending as positive economic news (it was way up). The little bit about voting with wallets is the part that doesn’t belong, and if we remove it we can see the basic message quite clearly.
I read that several times. Yup… A disconnect in his thought process. Excellent catch!
Pretzel logic of the neo-feudalists
Retired Magistrate here: We are buying some non food items now that we think we might need in the future while the dollar still has some purchasing power.
These “experts” may have an East Coast education; however, they have no common sense and are totally removed from the real world. Continue to do what you need to do to provide for yourself and your family. Next week we are having our 550 fuel oil tanks filled up. Fuel oil (home heating oil) is currently $4.62 per gallon but it I expect it will be a lot more in the Fall, if it is available.
After Biden was installed, we set aside money that we were going to use to buy a newer used car, to pay for utilities, food, etc. My car is still running. We got new tires on it several months ago and we have it serviced regularly. So, it will probably last as long as I will.
Enjoy this wonderful Spring day.
There are very few economists in this country that are competent in their field. The majority, like this clown 🤡, are little more than agenda driven imbeciles, pushing the deep state narrative. They are better known as the unqualified collectives.
I’d be curious to see a graph of consumer debt next to this forced increase in consumer spending.
The MSM are truly and completely the enemy of the world.
Why not then just jack prices up on everything like 500%?
Rural SE Pennsylvania….
Gas just went to $4.82 regular….
And, I just spent $300 at the grocery store for things I would have normally spent about $180 on.
The elite celebrates, but the middle class just keeps getting angrier.
I’m fine, but I don’t know how those living pay check to pay check are getting by.
I feel sorry for seniors who are living on social security with very little savings.
And many cannot work even if they wanted to so they are in a rough spot, look out for them.
I think there are many people that, even though they notice and complain about prices going up, I don’t believe they are curbing their spending of non-essentials… yet. It hasn’t really hit their pocketbook.
Just an observation here in Upstate NY
If the amount of traffic on the road is any indication, the price of gasoline has had little effect. Maybe people are just eating less.
Spending is booming because people now realize their currency is not worth saving as it shrinks in the value of acquiring goods and services. People are binging on their homes now because they may not be able to afford those repairs and improvements in the future. That Spring binge is almost complete.
𝐓𝐡𝐞𝐬𝐞 𝐦𝐨𝐨𝐧𝐛𝐚𝐭𝐬 𝐤𝐧𝐨𝐰 𝐞𝐱𝐚𝐜𝐭𝐥𝐲 𝐰𝐡𝐚𝐭’𝐬 𝐠𝐨𝐢𝐧𝐠 𝐨𝐧. 𝐓𝐡𝐞𝐲 𝐚𝐫𝐞 𝐬𝐞𝐥𝐥𝐢𝐧𝐠 𝐚𝐧 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐡𝐨𝐚𝐱 𝐭𝐨 𝐭𝐡𝐞 𝐝𝐮𝐦𝐛𝐞𝐝 𝐝𝐨𝐰𝐧 𝐩𝐥𝐞𝐛𝐬 𝐰𝐡𝐨 𝐚𝐫𝐞 𝐦𝐨𝐫𝐞 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐞𝐝 𝐚𝐛𝐨𝐮𝐭 𝐛𝐞𝐢𝐧𝐠 𝐜𝐚𝐥𝐥𝐞𝐝 𝐩𝐫𝐨𝐩𝐞𝐫 𝐩𝐫𝐨𝐧𝐨𝐮𝐧𝐬 𝐚𝐧𝐝 𝐰𝐡𝐞𝐭𝐡𝐞𝐫 𝐭𝐡𝐞𝐢𝐫 𝐢𝐝𝐞𝐧𝐭𝐢𝐭𝐲 𝐭𝐨𝐝𝐚𝐲 𝐢𝐬 𝐬𝐞𝐥𝐟-𝐠𝐫𝐚𝐭𝐢𝐟𝐲𝐢𝐧𝐠. 🤡🤡🤡
They can’t be this stupid, but definitely think we are.
Well, to be fair, they also think that since a few million of the tens of millions of unemployed went back to work when the lockdowns lifted Biden created more jobs than any President ever. Intellectual rigor isn’t their long suit…..pandering lies dressed up as political insight are.
I have noticed that the “15 items or less” aisle in our local grocery stores has
the longest line.
The question is what are consumers giving up in order to consume basic necessities as costs increase? And what more will be given up as prices continue to rise? We don’t eat out often, so I wonder how the resturaunt industry is doing.?
Again….they were nearly destroyed by the illegal lockdowns
.
You wonder how the restaurant industry is doing?
They are more than doubling their ‘pre-covid prices’ and charging for any little condiment they can . . .
I can’t say I blame them, but losing the volume of customers over prices cannot be overcome by these hikes.
Economists live in an imaginary world without people. There are spenders and producers and consumers and human capital inputs, but there are no people.
Idiot
Spending is up because everything costs more not because consumers are actually buying more. What an incredible idiot!
purposeful and strategic idiocy, that
Wait until the W.I.C. & SNAP cards stop working…….
fantasy on your part
… they’ll never stop working
they’ll always work and you’ll always be paying for it
But remember that those using WIC and Snap got a 25% increase last year, while us on Social Security got a 5.9% increase.
As the Russians would say “Cosmic Cretin”
This marshmellow boy should be one of the first we hoist onto his own petard. He really believes we should all bend over, grab our ankles while thanking him for the pudding.
If common sense was dynamite, this dingbat wouldn’t have enough to blow his own nose.
I am no economist but a frugal old man and this is my take.
People have held back on spending because of covid.
People see inflation increasing and their savings being reduced by it.
People are now spending more because they hope to get needed items before price rises and shortages.
Conclusion: present increased spending is not a sign of a healthy economy but an attempt to soften the economic blows.
People buying in advance sounds like 1928…before consumer demand drops.
Wait isn’t spending higher because the prices are higher??
Doesn’t matter a bit what a useless egghead like Mr Furman thinks or says. The equity and bond market reactions says it all – stagflation kills. Of course, ‘Keynesian voodoo economics says there is no such thing as stagflation. That’s shows you how dangerous people like Furman are – they are a cult pushing an ideology.
Interesting when it comes to the Stock Market, I will beat these Harvard Financial Professors every single time. Even more interesting, so does my across the street 3rd-grade neighbor.
No, he’s not an idiot. He was sent out on camera to put out propaganda to lull any Democrat true believer that everything is fine and dandy.
I’m just glad that my little 12 foot row of potatoes is looking good.
Get a couple of laying hens, too.
Tedious and predictable, what else would one expect from yet another whizzbang from Hah-vud’s Kennedy School of Government?
Is he really that stupid? In addition to serving as one of Louse Slob’s WEF shill parrots?
Of course consumer spending is up. Citizens are paying more money for fewer goods to live at a lower standard.
How stupid do these arrogant, pompaschooch gavones think we are?
And why is it, all these months after Louse Slob said, ‘by 2030 you will have nothing and you will be happy’ not one member of the press nor a single elected official has asked him to explain that chilling threat?
Reminds me of that old cigarette jingle…..”Are you smoking more now, but enjoying it less?”
Spending a lot more now, and getting very little to nothing for it.
On the subject of money, is VYSTAR going bankrupt?
“Vystar Corp has more than 96 (%) percent chance of experiencing financial distress in the next two years of operations. The calculation of odds of distress for Vystar Corp otc stock is tightly coupled with the Probability of Bankruptcy.”
https://www.macroaxis.com/financials/VYST/Vystar-Corp
“VyStar opening select branches to help customers during blackout”
https://www.actionnewsjax.com/news/local/some-vystar-branches-open-today/C2PEDO4JLNHQPEHENH55QMPPQQ/?utm_campaign=trueAnthem_manual&utm_medium=trueAnthem&utm_source=facebook&fbclid=IwAR0P32JdbZQyRL-o4pINUzk1AV-RAFYzFiWD-0AMuCJa9xg4AbMiBHFQCVA
Furhman is clearly a student of the lost art of eighteenth century medicine.
And to coin a phrase “Blowing smoke up your arse.”
Classic Broken Window Fallacy.
Highly educated idiot
Commie.
The path to success in a fascist/corporatist culture is surely not through telling the truth.
Fascism is a return to feudalism, with a strict and unbridgeable hierarchy.
Nothing against the State. Everything of the State.
No matter how credentialed or experienced or accomplished you are, you take the side required by the State.
Opposition? You must be joking. Biden has abandoned his Ministry of Truth because that implies opposing views of some legitimacy exist. There is the State, and there are outliers (outlaws?) who express white supremacist views. Answer them? You arrest them.