Inflation hits 20 percent under Biden, pushing small businesses to the brink

[NorthernHawkeye]

On Wednesday, the country hit a sad milestone: Inflation under President Biden hit 20 percent. The dollar’s value has plummeted under his watch. The Bureau of Labor Statistics also confirmed that the consumer price index is resurgent and growing faster than average wages. Combined with weak GDP growth, this data shows the U.S. economy is reentering stagflation.

Historic inflation is causing declining living standards and a cost-of-living crisis. Under Biden’s presidency, grocery prices have increased by nearly one-third and gas has risen by 50 percent. It feels like every daily convenience — from a turkey sandwich to some handyman help — has increased by 50 percent or more.

Full piece:

https://thehill.com/opinion/4663651-inflation-hits-20-percent-under-biden-pushing-small-businesses-to-the-brink/

 

[ping72]

Glad I voted for him. If Trump won it would be well over 30 and those poor small businesses would be even worse off.

 

[Hawki97]

I'm good.

 

[THE_DEVIL]

Not trolling, but I could not find where 20% is coming from. Could you give me the dummies 101 version of this?

 

[tumorboy]

On Wednesday, the country hit a sad milestone: Inflation under President Biden hit 20 percent. The dollar’s value has plummeted under his watch. The Bureau of Labor Statistics also confirmed that the consumer price index is resurgent and growing faster than average wages. Combined with weak GDP growth, this data shows the U.S. economy is reentering stagflation.

Historic inflation is causing declining living standards and a cost-of-living crisis. Under Biden’s presidency, grocery prices have increased by nearly one-third and gas has risen by 50 percent. It feels like every daily convenience — from a turkey sandwich to some handyman help — has increased by 50 percent or more.

Full piece:

https://thehill.com/opinion/4663651-inflation-hits-20-percent-under-biden-pushing-small-businesses-to-the-brink/

Gas per gallon varies greatly because of many factors. The US is currently producing more energy than ever. What an absolutely stupid point.

 

[Mister Hawkeyes]

I am not trying to blame one side or excuse one side as I believe both sides are at fault for this. How much do you think the high inflation rates have to do with the market being flooded with money during COVID? With the stimulus checks, the grants given out to any business and every business, and expanded unemployment checks that had those who were sitting at home making more than our front line nurses, there was a ton of money pumped into the market to keep the economy stable.

Are we facing the other side of the coin to that? Wasn't there like $800 billion in COVID relief funds that hit the market in a very short amount of time?

 

[TJ8869]

Not trolling, but I could not find where 20% is coming from. Could you give me the dummies 101 version of this?

Before doing any sort of digging, my initial
assumption is that it’s cumulative inflation since he took office.

 

[tarheelbybirth]

I am not trying to blame one side or excuse one side as I believe both sides are at fault for this. How much do you think the high inflation rates have to do with the market being flooded with money during COVID? With the stimulus checks, the grants given out to any business and every business, and expanded unemployment checks that had those who were sitting at home making more than our front line nurses, there was a ton of money pumped into the market to keep the economy stable.

Are we facing the other side of the coin to that? Wasn't there like $800 billion in COVID relief funds that hit the market in a very short amount of time?

That doesn’t remotely explain even higher inflation in most of the rest of the world.

 

[NorthernHawkeye]

 

[tumorboy]

View embedded media

And Reagan’s was 23 % using the same methods.

 

[tumorboy]

I am not trying to blame one side or excuse one side as I believe both sides are at fault for this. How much do you think the high inflation rates have to do with the market being flooded with money during COVID? With the stimulus checks, the grants given out to any business and every business, and expanded unemployment checks that had those who were sitting at home making more than our front line nurses, there was a ton of money pumped into the market to keep the economy stable.

Are we facing the other side of the coin to that? Wasn't there like $800 billion in COVID relief funds that hit the market in a very short amount of time?

This is spot on. Inflation was going to be an issue no matter who won in 2020.

 

[CarolinaHawkeye]

LOL. Anyone who would post a deliberate lie, such as that, deserves one helluva beating. Of course, then we have fascist fraud rick scott, who should be spending his days making license plate instead of cashing in in Washington, repeating it. And guess who the fraud loving clown is that is posting this bullshit?

 

[hawkeyez]

This is spot on. Inflation was going to be an issue no matter who won in 2020.

This has been brewing since Obama and the Fed started injecting money into the economy in 2009 (to fix Bush Jr's mess). COVID and supply chain issues were the tipping point. Inflation would have been just as bad under Trump, if not worse.

 

[CarolinaHawkeye]

Glad I voted for him. If Trump won it would be well over 30 and those poor small businesses would be even worse off.

If trump had won, they couldn't afford to pay for the grift.

 

[CarolinaHawkeye]

This has been brewing since Obama and the Fed started injecting money into the economy in 2009 (to fix Bush Jr's mess). COVID and supply chain issues were the tipping point. Inflation would have been just as bad under Trump, if not worse.

Wait until the laughing hyenas place the stupid laughing emoji, they use to show their ignorance.

 

[luvmyhawks]

I am not trying to blame one side or excuse one side as I believe both sides are at fault for this. How much do you think the high inflation rates have to do with the market being flooded with money during COVID? With the stimulus checks, the grants given out to any business and every business, and expanded unemployment checks that had those who were sitting at home making more than our front line nurses, there was a ton of money pumped into the market to keep the economy stable.

Are we facing the other side of the coin to that? Wasn't there like $800 billion in COVID relief funds that hit the market in a very short amount of time?

More than 800B. More like $6T when all was said and done. Every dollar printed and financed by your federal reserve.

 

[lucas80]

View embedded media

Well, if Rick Scott says so?

 

[luvmyhawks]

Oh. And the US economy is nowhere near stagflation right now. Not even close. I love this fear mongering nonsense.

 

[lucas80]

Glad I voted for him. If Trump won it would be well over 30 and those poor small businesses would be even worse off.

@NorthernHawkeye conveniently forgets that the country was in dire straits economically due to Trump's mishandling of Covid, and Americans were scrounging for toilet paper like a Muscovite in the early 1980s because store shelves were bare. All people feel inflation, but Trump wouldn't have been able to tweet it away.

 

[luvmyhawks]

That doesn’t remotely explain even higher inflation in most of the rest of the world.

Sure it does. The US dollar is the world reserve currency. More than 80% of all transactions done not including the United States are done with the US dollar. On top of that, all of these other developed countries have their own central banks and had their own versions of stimulus and money printing to hold their economies together.

 

[franklinman]

View embedded media

Rick Scott is a complete idiot and also Florida's largest thief, not a friend of The USA.

 

[St. Louis Hawk]

 

[hawkeyetraveler]

Wait until the laughing hyenas place the stupid laughing emoji, they use to show their ignorance.

Personally I appreciate the laughs - they help my like ratio. Keep the laughs coming MAGA peeps.

 

[50kWidowmaker]

View embedded media

"Are you better off than you were four years ago?"

You have to be kidding? A majority of U.S. households are not better off than they were four years ago. Tone deaf.

 

[Jimmy McGill]

OP: crack is wack

 

[joelbc1]

Not trolling, but I could not find where 20% is coming from. Could you give me the dummies 101 version of this?

Maybe because “20%” really does not exist?

 

[St. Louis Hawk]

"Are you better off than you were four years ago?"

You have to be kidding? A majority of U.S. households are not better off than they were four years ago. Tone deaf.

Well if you say so.

 

[Jimmy McGill]

"Are you better off than you were four years ago?"

You have to be kidding? A majority of U.S. households are not better off than they were four years ago. Tone deaf.

Bullshit. 4 years ago we were going through a pandemic and business was closed.

 

[NorthernHawkeye]

Well if you say so.

Everyone loves pay 20% more. Duh!

 

[95Hawk]

Well, if Rick Scott says so?

That guy only oversaw the largest Medicare fraud in history. So he’s good people. Totally doing the Lord’s work for the people of Florida (and a useful idiot for Northern)

 

[TylerJ23]

View embedded media

Gee, I wonder what was going on in May 2020

 

[St. Louis Hawk]

Everyone loves pay 20% more. Duh!

Since 1/1/21, wages and salaries have grown more than inflation. Duh!

 

[St. Louis Hawk]

Gee, I wonder what was going on in May 2020

Funny how you want to talk about Covid for May 2020 but don’t want to talk about Covid-related price increases.

Nuanced I suspect.

 

[chonk]

Since 1/1/21, wages and salaries have grown more than inflation. Duh!

Fake news, not correct at all.

 

[TylerJ23]

Funny how you want to talk about Covid for May 2020 but don’t want to talk about Covid-related price increases.

Nuanced I suspect.

Where have I ever blamed Biden for anything with the economy?

Where have I denied that Covid is the main reason for our financial problems right now?

 

[waterboy4582]

LOL. Anyone who would post a deliberate lie, such as that, deserves one helluva beating. Of course, then we have fascist fraud rick scott, who should be spending his days making license plate instead of cashing in in Washington, repeating it. And guess who the fraud loving clown is that is posting this bullshit?

Cult

 

[noStemsnoSTICKS]

My 401K is hovering around a 16.5 percent increase YOY. Stock markets hit record highs just today. Feds plan to drop interest rates in September (just before elections).

Stop with the long face and go thank your democratic friends.

YOU'RE WELCOME, MFer!

 

[St. Louis Hawk]

Fake news, not correct at all.

Link to correct news?

 

[lucas80]

Everyone loves pay 20% more. Duh!

If you are struggling to make ends meet have you considered getting a second job, or making yourself more valuable to your present employer in order to be rewarded with higher wages? That's how America works, you get rewarded off of your efforts.

 

[lucas80]

Before doing any sort of digging, my initial
assumption is that it’s cumulative inflation since he took office.

Earlier this week you got irritated with some people for saying you are selective in which threads you go all TJ in, and that you. don't go all TJ in threads that are negative towards Team Red. Well, here's a chance for you to go all TJ on the OP's numbers.