Biden's bad news on inflation

[Fijimn]

False.


He thought covid was a joke and would be gone, which you all blasted him for, and then didn't want to send the foreign aid at one point.

Specific to the first one, he did not want to send it.

Sigh....from your article:

In his statement Sunday night, Trump said the House will vote Monday on a previously planned bill to increase payments to individuals from $600 to $2,000. Trump added: "The Senate will start the process for a vote that increases checks to $2,000."


Second, this is not the first stimulus package that Trump signed. There were three prior ones. The CARES Act was the largest, which he signed without objection.

 

[jneffer]

Read it again, he fought the first one, and then wanted more for the 3rd. Frankly I think he thought he could buy some votes by then.

He fought the first one. It was well discussed here.

he thought the bill he signed in Dec 2020 was going to buy him votes in Nov 2020?

 

[SI_NYC]

That's reasonable.

I do think the ARP was way too big and not targeted enough...as all the COVID stimulus was. I think the first ARP checks went out in April fwiw.

It's not an exact science by any means and I'm far from understanding the macro economics of it all. Sometimes I don't really believe anyone truly understands it. That being said, in comparison to most of the world, US inflation rate is far more preferential than most other countries.

 

[seminole97]

so Biden is to blame for inflation because he was in favor of the policy someone else (his opponent in this election) implemented during which time Biden had no active role in govt?

trump, the guy who implemented that policy, is not to blame?

Never said Trump is not to blame.
His decision to go along with Pelosi and Schumer and suspend the debt ceiling enabled this, and he’s responsible for what he signed off on. He wanted even bigger stimulus checks to go out.
My point is that Biden was in favor of this spending before gaining office, and his WH has remained dedicated to keeping federal spending (and deficits) at record levels.

 

[SI_NYC]

Krugman must’ve posted this from the back seat of a very short bus. What a tool.

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Why would you say that? He wasn't saying there would never be inflation again.

 

[MichaelKeller99]

Why would you say that? He wasn't saying there would never be inflation again.

‘excluding food, energy, housing & vehicles’ - uhh, yeah. Who needs all those extras, anyway. 🤣 🤣

 

[jonesy5960]

So inflation went from 1.4% to 5% in Biden's first four months in office through no fault of his. I don't think any rational mind would blame the immediate inflation on Biden during the beginning of his term.

I'm willing to bet that every right winger on this board would/has/continues to do so.

 

[SI_NYC]

I'm willing to bet that every right winger on this board would/has/continues to do so.

Bins didn't, but you are likely correct for most.

 

[lucas80]

Delta announced some healthy earnings yesterday. Some of the big banks announce earnings in the next few days, and are expected to announce healthy earnings.
F***ing Brandon and his inflation.

 

[Whiskeydeltadeltatango]

Delta announced some healthy earnings yesterday. Some of the big banks announce earnings in the next few days, and are expected to announce healthy earnings.
F***ing Brandon and his inflation.

Delta, one of the few companies benefitting from flying illegals all over the country?


That's the one you are going with?

 

[SI_NYC]

Delta, one of the few companies benefitting from flying illegals all over the country?


That's the one you are going with?

Do you think before you post? Do you think posts such as ^^^ is clever? Is it possible to have a non partisan conversation with you or are you always wanting to write ‘gotcha’ posts?

 

[Jan Itor]

Do you think before you post? Do you think posts such as ^^^ is clever? Is it possible to have a non partisan conversation with you or are you always wanting to write ‘gotcha’ posts?

Now do @Chishawk1425

 

[An Iowa fan]

Are you an ALICE? Experts sound alarm over concerning financial trend

Experts are warning about a growing group of financially vulnerable Americans known as 'ALICE's.

www.dailymail.co.uk

 

[ottumwan in tx]

Are you an ALICE? Experts sound alarm over concerning financial trend

Experts are warning about a growing group of financially vulnerable Americans known as 'ALICE's.

www.dailymail.co.uk

figured this number was higher than 29%

 

[Finance85]

Are you an ALICE? Experts sound alarm over concerning financial trend

Experts are warning about a growing group of financially vulnerable Americans known as 'ALICE's.

www.dailymail.co.uk

The wealthy liberals of this forum don't have experience with this condition, and are in denial of the causes, effects, and implications.

 

[EasyHawk]

Meanwhile, let’s go!

 

[Jan Itor]

Meanwhile, let’s go!

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Mark Hamill?

 

[TC Nole OX]

Delta announced some healthy earnings yesterday. Some of the big banks announce earnings in the next few days, and are expected to announce healthy earnings.
F***ing Brandon and his inflation.

 

[Dr. Phil Seuss]

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Well I’ll be damned. All us investors who give these corporations cash for equity are just pieces of shit ruining the world with inflation brought on by our desire to have our wealth multiply. If only we would just accept mediocre returns, even losses, so that our less productive class can earn more, attend more anti Israel protests, and fly Ukrainian flags on their homes.

 

[seminole97]

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Corporate profits cannot inflate the money supply, ergo they cannot cause inflation.

 

[TC Nole OX]

Good

McDonald’s earnings fall short as diners push back on rising prices

 

[DogBoyRy]

Good

McDonald’s earnings fall short as diners push back on rising prices

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Starbucks is getting pounded like a liberals mom today.

 

[bunsen82]

Fast food restaurants are getting hit hard as the bottom 20% of consumers are stretched thin with credit card debt and low earnings. I still think we power through this rough stretch, I think inflation will be down in the 2's by this fall and much of this worry is gone, I still do worry about the long term implications of interest rates from our debt. I have been banging this drum for a while.

 

[AreWeCross]

Corporate profits cannot inflate the money supply, ergo they cannot cause inflation.

There are many posters on here that refuse to accept this truth regarding M2 as the root cause of inflation.

 

[seminole97]

Fast food restaurants are getting hit hard as the bottom 20% of consumers are stretched thin with credit card debt and low earnings. I still think we power through this rough stretch, I think inflation will be down in the 2's by this fall and much of this worry is gone, I still do worry about the long term implications of interest rates from our debt. I have been banging this drum for a while.

The federal government has borrowed $1,395,426,076,794.90 since October 1, 2023.

At that $200 billion a month rate they'll another trillion to that borrowing before the end of this fiscal year.

GDP increased by $1.61 trillion in 2023.
FY22-23 Federal debt increased $2.28 trillion.

We're growing the debt faster than the economy, and you think 'much of this worry is gone' by this fall?

Why?

 

[bunsen82]

The federal government has borrowed $1,395,426,076,794.90 since October 1, 2023.

At that $200 billion a month rate they'll another trillion to that borrowing before the end of this fiscal year.

GDP increased by $1.61 trillion in 2023.
FY22-23 Federal debt increased $2.28 trillion.

We're growing the debt faster than the economy, and you think 'much of this worry is gone' by this fall?

Why?

You are a moron . . . read my post. I said I am worried about the debt I am not worried about inflation getting out of hand. 2 completely different things.

 

[seminole97]

read my post. I said I am worried about the debt I am not worried about inflation getting out of hand. 2 completely different things.

Do you understand how they are related?

The federal debt is either directly monetized by the Federal Reserve, inflating the money supply and thereby increasing prices (morons often refer to this symptom of inflation as the disease itself), or is becomes reserve collateral which banks use to engage in fractional reserve credit creation (which inflates the money supply and thereby increases prices).

What do you think will happen this fall to change any of that, or arrest the trajectory of federal borrowing?

 

[bunsen82]

Do you understand how they are related?

The federal debt is either directly monetized by the Federal Reserve, inflating the money supply and thereby increasing prices (morons often refer to this symptom of inflation as the disease itself), or is becomes reserve collateral which banks use to engage in fractional reserve credit creation (which inflates the money supply and thereby increases prices).

What do you think will happen this fall to change any of that, or arrest the trajectory of federal borrowing?

You are talking about decreasing the value of the dollar.

https://www.marketwatch.com/investing/index/dxy

The dollar price index disagrees with your take. In the last 3 years the dollar is 17% stronger relative to other currencies.

 

[seminole97]

You are talking about decreasing the value of the dollar.

Yes, this is the consequence of increasing the supply of dollars.

Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press(or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation. Of course, the U.S. government is not going to print money and distribute it willy-nilly (although as we will see later, there are practical policies that approximate this behavior).

- Ben Bernanke, 2002

COVID stimulus turned out to be a great 'practical policy' to approximate that behavior.

The dollar price index disagrees with your take. In the last 3 years the dollar is 17% stronger relative to other currencies.

The argument that the USD is the 'least dirty shirt' among the fiat currencies is true, but doesn't address the fact that the USD is being inflated by government policy.

I buy goods and services with dollars, and the dollar doesn't go as far anymore, because the government is stealing purchasing power via inflation.

I pointed out the pace of this activity and asked 'what do you think will happen this fall to change any of that, or arrest the trajectory of federal borrowing'?

 

[TC Nole OX]

Corporate greedflation




Kroger CEO admitted this on an earnings call last year

Kroger CEO Confession on Inflation

iowa.forums.rivals.com

 

[TC Nole OX]

 

[seminole97]

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.

Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

In the latter stages of the war all the belligerent governments practiced, from necessity or incompetence, what a Bolshevist might have done from design. Even now, when the war is over, most of them continue out of weakness the same malpractices. But further, the governments of Europe, being many of them at this moment reckless in their methods as well as weak, seek to direct on to a class known as "profiteers" the popular indignation against the more obvious consequences of their vicious methods. - John Maynard Keynes, 1919