riskllama wrote:Dukasaur wrote:jusplay4fun wrote:When was inflation the worst in the past 10 years? I know this will be a shock to Duk, but Blame Biden:
AI Overview
Over the last 10 years (2015-2024), the US inflation rate has fluctuated, with a notable increase in the latter part of the period. From 2015 to 2020, inflation was relatively low, averaging around 1.7%. However, in 2021 and 2022, the inflation rate surged, reaching 7.0% and 6.5% respectively, driven in part by the pandemic and supply chain issues. By the end of 2023, it had moderated to 3.4%, and by the end of 2024, it was 2.9%, according to Investopedia.
Pretty clear evidence. From your own quote, inflation was 7.0 as the start of the Biden administration, due to the insane Trump deficits. Declined steadily throughout the Biden years, as more rational management took hold. By the end of the Biden years, inflation had reached 2.9, still not at target but a large part of the way there.
Biden got a completely crazy fiscal situation from Trump, gradually tamed it, and then had to give it back to Trump. Now inflation is rising again. Should be a total disaster by the end of the 2nd Trump debacle.
Thank you, JP, for posting clear evidence that disproves your own theory.
LOL. Duk wins this thread, again...
wrong:
Here is what my source ACTUALLY, clearly, and cogently says:
However, in 2021 and 2022, the inflation rate surged, reaching 7.0% and 6.5% respectively, driven in part by the pandemic and supply chain issues.
There is NO MENTION of Trump there.
And what does Biden DO? PASS ANOTHER huge bill to ADD to inflationary pressures. He does what Democrats do, pass HUGE spending bills and create and even larger Federal deficit.
You, Duk, clearly SLANT the news to fit your FALSE narrative
and your parrot the sillyLlama jumped on it, as you did a false AI generated post, too. TRY again.
And to give more credence to my view, and the view of the MAJORITY of Amercans who elected Trump in 2024:
Voters blamed Biden and Harris for rising costs. Was that fair? We asked economists.
Portrait of Daniel de ViséDaniel de Visé
USA TODAY
(...)
But is the Joe Biden and Kamala Harris administration to blame?
Yes, the economists said, but only to a degree. Of the seven economists who spoke to USA TODAY, most cited the global pandemic, not Biden, as the primary cause of the nation's inflation crisis. (...)
But the stimulus also fed inflation, the economists said, which ultimately helped sink the Democrats at the polls.
“I think that they thought the public would reward them more for a fast recovery, in terms of jobs, than they would punish them for inflation,” said Ryan Bourne, an economist at the Cato Institute, a libertarian think tank. “I think that proved a huge miscalculation.” (...)
The pandemic shut down much of the global economy in 2020. When the world reopened, consumers found many products running short. Demand outstripped supply, the classic formula for inflation.
"The COVID shutdowns were the biggest, sharpest economic collapse in modern history," said Joshua Gotbaum, scholar in residence at the center-left Brookings Institution. "And it was followed by the biggest inflation in 40 years."
In March 2021, President Biden signed a $1.9 trillion stimulus bill, directing payments of up to $1,400 to pandemic-stricken Americans. The Trump administration had already sent two rounds of stimulus checks, in March and December of 2020.
And ultimately, it is NOT MY VIEWS that are important, but the 1) views of the voters and what the Government DOES in 2) fiscal and 3) tax policies (Keynesian) and what 4) the Fed does with the Money Supply (monetarists, and as sometimes mentioned by HitRed).
Trumps deficits were relatively small, until the Response to the Pandemic caused a reaction to avoid 2008 and its aftermath. Trying to avoid a recession caused inflation. Predicting the HUGE US Economy is an Art and not a Science.
