Joe Biden 2023: The Dark Brandon Rises

[Longhorn_Fan68 33,834]

3 hours ago, Neonmoon said:

Markets don’t care about politics 

Forecast is 4.3%, but many are betting it comes in higher 

sure, but the tail wags the dog somewhat here. perception is a huge factor in the health of the "the economy"

[Js1 85,095]

3 minutes ago, Longhorn_Fan68 said:

sure, but the tail wags the dog somewhat here. perception is a huge factor in the health of the "the economy"

This is true except the public gets the perception from the doomsday news and Facebook memes. 95% of the voting public doesn’t know what GDP is 

[Longhorn_Fan68 33,834]

2 minutes ago, Js1 said:

This is true except the public gets the perception from the doomsday news and Facebook memes. 95% of the voting public doesn’t know what GDP is 

that's basically what I was referring to. I wish "they" would change their narrative to something like, I dunno, the truth

[nbmishoid 938]

1 hour ago, Hugo Stiglitz said:

For starters, don’t use the word Bidenomics.

 

As Kinky would inquire, why the hell not?  Used it on my financial advisor Monday, he was struck silent. 

[Longhorn_Fan68 33,834]

17 hours ago, Longhorn_Fan68 said:

let me guess: no one wants to actually admit we're doing pretty well so they'll just have middling predictions which will get blown out of the water with the actual data. close? it'd be fun if they swung the other way and gave Joe a challenge. but then they would have to admit they were wrong. nope, just keep up the bullshit rhetoric. pride is a motherfucker

 

7 hours ago, Neonmoon said:

Markets don’t care about politics 

Forecast is 4.3%, but many are betting it comes in higher 

 

6 hours ago, G650 said:

4.9%

Well would you look at that. Who woulda thunk it?!

If I were 10%+ off in my job, buildings would fall down and people would die and I would be in jail. Why do these jackholes get away with it?

[Bullneck 18,987]

 

 

[Horn Under a Bad Sign 20,342]

4 hours ago, Bullneck said:

 

 

 

 

[jimmyjazz 45,546]

The highest GDP under Trump was 4.6%.  During the Biden administration, the two highest quarters have been +7.0% and +4.9% (current).

Hmmm.

[Horn Under a Bad Sign 20,342]

 

 

 

[Js1 85,095]

17 hours ago, jimmyjazz said:

The highest GDP under Trump was 4.6%.  During the Biden administration, the two highest quarters have been +7.0% and +4.9% (current).

Hmmm.

Yeah but remember, the numbers were fudged and fake under Obama and now Biden.  The real numbers were under Trump. 

[StassneyHorn 6,536]

Hey guys, I'm very particular about misinformation being posted in my thread.

Donald Trump, in Q2 2020, presided over the single largest decline in GDP the history of mankind has ever seen at -31.7% after he allowed businesses to shut down all over the united states, ruined everyone's paychecks and actual livelihoods, and deferred leadership to others.

BUT, he did oversee in Q3 2020, THE SINGLE HUGEST GAIN IN GDP THE HISTORY OF MANKIND HAS EVER SEEN AT 33.1%. He was able to accomplish this by taking from our hardworking, conservative taxpayer's money and handing it out to every American regardless of work ethic. He then established a PPP print button that gave out more money than college grads with loans have seen and got rid of the oversight on his way out of office. CHESS mf'ers not checkers.

[StassneyHorn 6,536]

Joe Biden has narrowed wealth inequality while increasing amount of millionaires by 60%, per librul rag The Wall Street Journal. 

2022 Fed data reveals that real average wealth was up 23% over the preceding three years and median wealth jumped 37% during that time. These so-called "mini-millionaires" are considered members of a growing upper middle class — college-educated homeowners who have been strategic (and fortunate) about building their wealth.

16 million Americans are now considered "true millionaires," compared to just under 10 million in 2019, per the Fed

Source data: https://www.federalreserve.gov/econres/scfindex.htm

https://www.wsj.com/us-news/never-mind-the-1-mini-millionaires-are-where-wealth-is-growing-fastest-b1dd2ee7?mod=wknd_pos1

Spoiler

Last week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019. 

 

Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values.

Yet it would be a mistake to therefore conclude that wealth gains are purely a phenomenon of the top 1% and flattered by inflation and asset bubbles.

 

First, even after inflation, real average wealth was up 23%, according to the Fed’s Survey of Consumer Finances, conducted every three years. Second, while the level of median wealth was much lower than the average, it actually rose more than the average between 2019 and 2022—by 37%, adjusted for inflation—to $193,000. That means wealth inequality actually narrowed.

Third, and perhaps most noteworthy, there really are a lot of true millionaires. About 16 million American families—just over 12%—have wealth exceeding $1 million, up from 9.8 million families in 2019. Nearly eight million families are multimillionaires, i.e., their wealth exceeds $2 million, up from 4.7 million.
 

A portrait of mini-millionaires

Who are these mini-millionaires? They generally earn between $150,000 and $250,000 a year. They wouldn’t typically be considered rich, but upper middle class. (This depends to some extent on where they live: The same house is worth more in some parts of the country.)

Rather than being left behind as all the gains in the economy accrue to billionaires, they have in fact seen bigger wealth gains over the past three years than the top 10% of families. Indeed, the biggest wealth gains between 2019 and 2022 were among the approximately 13 million families in the 80th to 90th percentile of the income distribution. Their median wealth jumped 69% from 2019, adjusted for inflation, to $747,000 in 2022.

To be sure, for many American families the surge in prices since the onset of the pandemic means that wealth doesn’t feel as good as it sounds. Nonetheless, as these figures show, the increase in net worth for these families has far outpaced inflation.
 

Over 90% of these families report owning stocks, either directly or through retirement accounts, and 87% own their home. They benefited extraordinarily from low interest rates, cutting debt payments as a share of their incomes to 19% in 2007 to 12.9% in 2022.
 

The Survey of Consumer Finances is the most detailed data set collected on household wealth. For the survey, 4,602 households completed detailed questionnaires, enumerating all assets, including real estate, stocks, bonds, bank accounts, retirement accounts, cryptocurrencies and so on, and all liabilities, such as mortgages, auto loans, credit-card debt and student loans. Net worth is defined as all assets minus all liabilities.
 

These insights have important implications, both for our national narrative and where the economy is headed. 

College, savings and timing

Rather than being swallowed by the 1%, the economy, according to these numbers, is creating a growing upper middle class. Many people got there by pursuing college degrees, steadily building retirement accounts and purchasing homes. For the most part, they became wealthy slowly, and were well-positioned when pandemic-era stimulus programs boosted asset values. 

Economists have often attributed the strength of consumer spending, which propelled economic growth to a sizable 4.9% annualized rate in the third quarter, to “excess household savings” amassed since 2019.
 

That might be the wrong way of thinking about it. Nancy Vanden Houten, U.S. lead economist for Oxford Economics, recently asked: Do households “have more excess savings, or is it just wealth now?” The implication of her question is that as people come to regard the excess cash in their checking accounts as wealth, they might be less likely to spend it. The rise of millionaires, in other words, might not be transitory.

Though stock indexes and measures of home prices, such as the median home price from the National Association of Realtors, are down from earlier this year as interest rates have climbed, their valuations are mostly higher than they were when the survey was conducted, from May to December of last year. Higher interest rates might eventually knock some people off their millionaire status, but likely haven’t yet.

‘Temporarily embarrassed’ millionaires

John Steinbeck once said the U.S. “didn’t have any self-admitted proletarians. Everyone was a temporarily embarrassed capitalist.” Steinbeck meant their dreams of prosperity were delusional. And yet there’s a grain of truth to it. It is true that there are gaping disparities of wealth in the U.S. today. Nonetheless, many people whose wealth would define them as poor expect one day to be rich—and many, in fact, will be. For example, only 1% of families under 35 are millionaires, but that rises with age. By ages 55-64, 21% of families are millionaires.

This trend is particularly pronounced among college graduates, of whom 45% were millionaires between ages 55-64. That includes 26% of families who become multimillionaires and 11% with a net worth over $5 million. The average college graduate’s net worth is over $2 million now, though as usual this is skewed by those at the very top.

Make no mistake, there is still poverty and economic struggle in the U.S. Many families have little or no wealth, and limited prospect of accumulating any. And yet the idea that only the 1% are getting richer is at odds with the numbers.

 

[Satchel 6,908]

Let’s talk about Bidenomics. Shall we?

https://www.reuters.com/world/us/us-economic-growth-accelerates-third-quarter-2023-10-26/

• Third-quarter GDP increases at 4.9% rate
• Consumer spending accelerates; business investment soft
• Inventory accumulation, government spending offer boost

WASHINGTON, Oct 26 (Reuters) - The U.S. economy grew almost 5% in the third quarter, again defying dire warnings of a recession, as higher wages from a tight labor market helped to fuel consumer spending and businesses restocked at a brisk clip to meet the strong demand.

The fastest growth pace in nearly two years reported by the Commerce Department's Bureau of Economic Analysis on Thursday in its advance estimate of third-quarter gross domestic product was also spurred by a rebound in residential investment after contracting for nine straight quarters.

[mchookem 16,195]

[atomheartbevo 89,409]

On 10/26/2023 at 11:09 AM, Js1 said:

This is true except the public gets the perception from the doomsday news and Facebook memes. 95% of the voting public doesn’t know what GDP is 

I've asked some MAGA relatives to explain the GDP when they were bitching about Biden, and most couldn't or it was inflation.  Most of them even mangled what GDP stood for.  "General something Productivity" seemed to be the main guess.

[safe sex 11,678]

6 hours ago, Horn Under a Bad Sign said:

 

 

 

This owns.

[Biff Tannen 45,491]

8 hours ago, Horn Under a Bad Sign said:

 

 

 

 

1 hour ago, safe sex said:

This owns.

@Incredulity

[Satchel 6,908]

If we compare the current growth rate in a historical context, we discover that GDP Growth Rate in the United States averaged 3.19 percent from 1947 until 2023, reaching an all time high of 34.80 percent in the third quarter of 2020 and a record low of -28.00 percent in the second quarter of 2020.

https://tradingeconomics.com/united-states/gdp-growth#:~:text=GDP Growth Rate in the,the second quarter of 2020.

[Incredulity 11,559]

6 hours ago, Biff Tannen said:

 

@Incredulity

Yes?

[StassneyHorn 6,536]

23 hours ago, StassneyHorn said:

Joe Biden has narrowed wealth inequality while increasing amount of millionaires by 60%, per librul rag The Wall Street Journal. 

2022 Fed data reveals that real average wealth was up 23% over the preceding three years and median wealth jumped 37% during that time. These so-called "mini-millionaires" are considered members of a growing upper middle class — college-educated homeowners who have been strategic (and fortunate) about building their wealth.

16 million Americans are now considered "true millionaires," compared to just under 10 million in 2019, per the Fed

Source data: https://www.federalreserve.gov/econres/scfindex.htm

https://www.wsj.com/us-news/never-mind-the-1-mini-millionaires-are-where-wealth-is-growing-fastest-b1dd2ee7?mod=wknd_pos1

  Reveal hidden contents

Last week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019. 

 

Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values.

Yet it would be a mistake to therefore conclude that wealth gains are purely a phenomenon of the top 1% and flattered by inflation and asset bubbles.

 

First, even after inflation, real average wealth was up 23%, according to the Fed’s Survey of Consumer Finances, conducted every three years. Second, while the level of median wealth was much lower than the average, it actually rose more than the average between 2019 and 2022—by 37%, adjusted for inflation—to $193,000. That means wealth inequality actually narrowed.

Third, and perhaps most noteworthy, there really are a lot of true millionaires. About 16 million American families—just over 12%—have wealth exceeding $1 million, up from 9.8 million families in 2019. Nearly eight million families are multimillionaires, i.e., their wealth exceeds $2 million, up from 4.7 million.
 

A portrait of mini-millionaires

Who are these mini-millionaires? They generally earn between $150,000 and $250,000 a year. They wouldn’t typically be considered rich, but upper middle class. (This depends to some extent on where they live: The same house is worth more in some parts of the country.)

Rather than being left behind as all the gains in the economy accrue to billionaires, they have in fact seen bigger wealth gains over the past three years than the top 10% of families. Indeed, the biggest wealth gains between 2019 and 2022 were among the approximately 13 million families in the 80th to 90th percentile of the income distribution. Their median wealth jumped 69% from 2019, adjusted for inflation, to $747,000 in 2022.

To be sure, for many American families the surge in prices since the onset of the pandemic means that wealth doesn’t feel as good as it sounds. Nonetheless, as these figures show, the increase in net worth for these families has far outpaced inflation.
 

Over 90% of these families report owning stocks, either directly or through retirement accounts, and 87% own their home. They benefited extraordinarily from low interest rates, cutting debt payments as a share of their incomes to 19% in 2007 to 12.9% in 2022.
 

The Survey of Consumer Finances is the most detailed data set collected on household wealth. For the survey, 4,602 households completed detailed questionnaires, enumerating all assets, including real estate, stocks, bonds, bank accounts, retirement accounts, cryptocurrencies and so on, and all liabilities, such as mortgages, auto loans, credit-card debt and student loans. Net worth is defined as all assets minus all liabilities.
 

These insights have important implications, both for our national narrative and where the economy is headed. 

College, savings and timing

Rather than being swallowed by the 1%, the economy, according to these numbers, is creating a growing upper middle class. Many people got there by pursuing college degrees, steadily building retirement accounts and purchasing homes. For the most part, they became wealthy slowly, and were well-positioned when pandemic-era stimulus programs boosted asset values. 

Economists have often attributed the strength of consumer spending, which propelled economic growth to a sizable 4.9% annualized rate in the third quarter, to “excess household savings” amassed since 2019.
 

That might be the wrong way of thinking about it. Nancy Vanden Houten, U.S. lead economist for Oxford Economics, recently asked: Do households “have more excess savings, or is it just wealth now?” The implication of her question is that as people come to regard the excess cash in their checking accounts as wealth, they might be less likely to spend it. The rise of millionaires, in other words, might not be transitory.

Though stock indexes and measures of home prices, such as the median home price from the National Association of Realtors, are down from earlier this year as interest rates have climbed, their valuations are mostly higher than they were when the survey was conducted, from May to December of last year. Higher interest rates might eventually knock some people off their millionaire status, but likely haven’t yet.

‘Temporarily embarrassed’ millionaires

John Steinbeck once said the U.S. “didn’t have any self-admitted proletarians. Everyone was a temporarily embarrassed capitalist.” Steinbeck meant their dreams of prosperity were delusional. And yet there’s a grain of truth to it. It is true that there are gaping disparities of wealth in the U.S. today. Nonetheless, many people whose wealth would define them as poor expect one day to be rich—and many, in fact, will be. For example, only 1% of families under 35 are millionaires, but that rises with age. By ages 55-64, 21% of families are millionaires.

This trend is particularly pronounced among college graduates, of whom 45% were millionaires between ages 55-64. That includes 26% of families who become multimillionaires and 11% with a net worth over $5 million. The average college graduate’s net worth is over $2 million now, though as usual this is skewed by those at the very top.

Make no mistake, there is still poverty and economic struggle in the U.S. Many families have little or no wealth, and limited prospect of accumulating any. And yet the idea that only the 1% are getting richer is at odds with the numbers.

 

The fact this was a Friday afternoon news dump pisses me off. So im doubling down. Read this shit.

[Biff Tannen 45,491]

14 minutes ago, StassneyHorn said:

The fact this was a Friday afternoon news dump pisses me off. So im doubling down. Read this shit.

I read this the first time and I'll actually push back against it a bit.

14 minutes ago, StassneyHorn said:

 

Rather than being swallowed by the 1%, the economy, according to these numbers, is creating a growing upper middle class. Many people got there by pursuing college degrees, steadily building retirement accounts and purchasing homes

Ok, so the purchasing homes part is facilitated by wealthy or rich boomer parents helping their kids pay for those homes, the down payment at the very least.  I know that was my experience for sure.  

 

This part is HUGE

Quote

Who are these mini-millionaires? They generally earn between $150,000 and $250,000 a year. They wouldn’t typically be considered rich, but upper middle class. (This depends to some extent on where they live: The same house is worth more in some parts of the country.)

Um, 150-250k is not shit in Austin and most major cities.  

 

I'm not saying the economy isn't doing well, in general.  What I am saying is that a lot of this is being propped up by boomers who were able to actually do well in their 20s-30s with relatively few skills and low cost of everything.  Corporations are banking on this idea that they can continue to pay pennies to most employees as long as they don't figure out they are being fucked.  

/end drunken post game rant

Edited October 28, 2023 by Biff Tannen

[StassneyHorn 6,536]

An anecdotal statement about paying for what I'm assuming is a 20% down payment as a wedding gift is not indicative of the data. $150k -250k is more than a comfortable enough salary in every city in the united States, including San Francisco and New York unless you hang out on r/Millenials. 

[Biff Tannen 45,491]

23 minutes ago, StassneyHorn said:

An anecdotal statement about paying for what I'm assuming is a 20% down payment as a wedding gift is not indicative of the data. $150k -250k is more than a comfortable enough salary in every city in the united States, including San Francisco and New York unless you hang out on r/Millenials. 

It's enough to live, but to call those people "wealthy" or "millionaires" is a fucking joke.

[mchookem 16,195]

caveat: as long as you have no cc/revolving debt. a mortgage, reasonable car payment or two, cash only for everything else.

but we all know how well your average american lives within their means 😐

[StassneyHorn 6,536]

30 minutes ago, Biff Tannen said:

It's enough to live, but to call those people "wealthy" or "millionaires" is a fucking joke.

Millionaires is quantifiable.

[G650 14,086]

45 minutes ago, Biff Tannen said:

It's enough to live, but to call those people "wealthy" or "millionaires" is a fucking joke.

How much do you think most people earn

[jimmyjazz 45,546]

2 hours ago, Biff Tannen said:

It's enough to live, but to call those people "wealthy" or "millionaires" is a fucking joke.

What do you think the definition of "millionaire" is?  

I would say if your income covers your obligations, and your assets exceeds your debt by $1M, you're a millionaire.

[StassneyHorn 6,536]

2 hours ago, G650 said:

How much do you think most people earn

150-250k to be comfortable lol

 

 

[elfenix 34,171]

6 hours ago, Biff Tannen said:

It's enough to live, but to call those people "wealthy" or "millionaires" is a fucking joke.

"millionaire" as in net worth of $1,000,000.00. apparently that's now 16 million people. 

(note this is from before this new update and is based on survey data rather than the fed's likely-better figures):

https://www.kiplinger.com/personal-finance/605075/are-you-rich

[Anastasis 23,393]

10 hours ago, G650 said:

How much do you think most people earn

Treefiddy

[Neonmoon 38,127]

It’s amazing to me how many people don’t understand how poor most people are

 

[Biff Tannen 45,491]

6 hours ago, elfenix said:

"millionaire" as in net worth of $1,000,000.00. apparently that's now 16 million people. 

(note this is from before this new update and is based on survey data rather than the fed's likely-better figures):

https://www.kiplinger.com/personal-finance/605075/are-you-rich

I know what net worth is. I’m somewhere close to a “millionaire” in net worth, but my drunken point was that doesn’t necessarily mean much in terms of wealth. To me anyway. 
 

Maybe I just have a different definition of what it means to be “comfortable” especially in a big city. 

[Bozo_Casanova 26,277]

You have to grind for that bag, bros. I've been making cold calls since i finished my second cold plunge session this morning. 

[Incredulity 11,559]

29 minutes ago, Bozo_Casanova said:

You have to grind for that bag, bros. I've been making cold calls since i finished my second cold plunge session this morning. 

Counterpoint:

let the asset bubble triple the value of my primary residence.  Millionaire cheat code unlocked.  
 

Home prices in 20 years have gone from elevated to shocking to completely absurd.  

 

In all seriousness the reality of being a millionaire vs. the perception of the word in society at the moment is completely disconnected.  The Biden billionaire wealth tax proposal that kicked in at 100 million is of the same disconnect.
 

TLDR your money isn’t worth what it used to.

[G650 14,086]

2 hours ago, Biff Tannen said:

 

Maybe I just have a different definition of what it means to be “comfortable” especially in a big city. 

Sounds like it

[Captainant 27,442]

3 hours ago, Neonmoon said:

It’s amazing to me how many people don’t understand how poor most people are

 

There was a great thread in DT or 6SJ where Chrispy and Poe were arguing that $250k household income was "squarely middle class" lol. Just fucking looney tunes 

[jimmyjazz 45,546]

59 minutes ago, Captainant said:

There was a great thread in DT or 6SJ where Chrispy and Poe were arguing that $250k household income was "squarely middle class" lol. Just fucking looney tunes 

It's not even hard to look up.  The top 11.9% of American households have income of $200K or higher.  2022 data:

 

Edited October 29, 2023 by jimmyjazz

[DixonHur 11,171]

16 hours ago, elfenix said:

"millionaire" as in net worth of $1,000,000.00. apparently that's now 16 million people. 

(note this is from before this new update and is based on survey data rather than the fed's likely-better figures):

https://www.kiplinger.com/personal-finance/605075/are-you-rich

Holy wealth gap Batman.  In 2019, the average net worth in the US was $748,800, but the median was only $121,700?

[Anastasis 23,393]

9 hours ago, Captainant said:

There was a great thread in DT or 6SJ where Chrispy and Poe were arguing that $250k household income was "squarely middle class" lol. Just fucking looney tunes 

Mid to upper middle class. People need to divorce themselves from the idea that middle income equals middle class. You are confusing two very different distributions. The American middle class has been defined by a few different aspects of lifestyle: 1) Attainable home ownership; 2) Security in the basic necessities of life; 3) Educational opportunity; 4) Leisure time; 5) Retirement security. There are some other aspects for sure, but I think those are pretty core. The reality is that middle income is not able to support those aspects in the US. It use to be, and not too long ago. But the disconnect between the income distributions and "class" segmentation is apparent at this point and only growing. But we can fix this. We just need more aircraft carrier groups on deployment. 

Edited October 30, 2023 by Anastasis

[Bozo_Casanova 26,277]

9 minutes ago, Anastasis said:

People need to divorce themselves from the idea that middle income equals middle class. You are confusing two very different distributions. The American middle class has been defined by a few different aspects of lifestyle: 1) Attainable home ownership; 2) Security in the basic necessities of life; 3) Educational opportunity; 4) Leisure time; 5) Retirement security. There are some other aspects for sure, but I think those are pretty core.

Except those aren’t middle class anymore. Middle income IS middle class. We’ve just destroyed the lifestyle we once associated with the middle class to fund asset bubbles. 

[Anastasis 23,393]

Just now, Bozo_Casanova said:

Except those aren’t middle class anymore. Middle income IS middle class. We’ve just destroyed the lifestyle we once associated with the middle class to fund asset bubbles. 

You are confusing two very different dimensions, muddling class and income distributions. I understand why the politicians do it. Not sure why you echo it. 

[Goofyboy 3,197]

He’s not. You’re not willing to change the definition of middle class. Middle class no longer means you can afford a home in a nice area, etc. upper income is still upper class - just what we can afford comfortably has changed. I’m not dropping $200k on a 911 turbo. The middle is still middle.

[Anastasis 23,393]

It's amazing to me how hard it is for some people to differentiate between income distribution and class attributes. 

[Bozo_Casanova 26,277]

 

10 hours ago, Anastasis said:

You are confusing two very different dimensions, muddling class and income distributions. I understand why the politicians do it. Not sure why you echo it. 

You of all people should know I’m not, but since I separated them by implication I would have expected that to tip you off.

Let me restate to make the point clear: the use of monetary and fiscal policy but especially the tax code to support and inflate asset values for top earners had the effect of taking the middle class “lifestyle” out of reach for the middle income people. There is still a middle class, it is simply less financially secure and affluent than it was a generation ago. 

Edited October 30, 2023 by Bozo_Casanova

[atomheartbevo 89,409]

Biden signing an executive order about AI, including asking Congress to pass data privacy legislation for Americans (and MAGA will be like WHY DOES BIDEN WANT TO PROTECT MY PRIVACY WHAT IS HE HIDING, FUCK HIM I'M GOING TO PUT ALL OF MY INFORMATION ONLINE AND START WITH MY CREDIT CARDS)

https://www.whitehouse.gov/briefing-room/statements-releases/2023/10/30/fact-sheet-president-biden-issues-executive-order-on-safe-secure-and-trustworthy-artificial-intelligence/

Quote

Today, President Biden issued a landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of artificial intelligence (AI). The Executive Order establishes new standards for AI safety and security, protects Americans’ privacy, advances equity and civil rights, stands up for consumers and workers, promotes innovation and competition, advances American leadership around the world, and more.

As part of the Biden-Harris Administration’s comprehensive strategy for responsible innovation, the Executive Order builds on previous actions the President has taken, including work that led to voluntary commitments from 15 leading companies to drive safe, secure, and trustworthy development of AI.

[Incredulity 11,559]

[Biff Tannen 45,491]

So Biden is a robut?

[StassneyHorn 6,536]

Great, thanks for libbing up AI

[atomheartbevo 89,409]

39 minutes ago, Biff Tannen said:

So Biden is a robut?

That's what we should be telling our conspiracy theory-minded relatives....

[Mdhorn 5,911]

Republicans will argue that AI has the same right to free speech as Americans do, yada, yada, so free speech covers the right for disinformation, yada, yada, corporations are people too and so is AI.  Why can't the rurals figure out the argument for disinformation and corporations with rights means they can lie to swindle civilian rights?