Why inflation may be worse than you think it is

[Pack Rat]

If this is ALL due to what Biden (and the Fed) did, Biden is not getting the credit. I posted one poll on this matter in another thread:

https://www.conquerclub.com/forum/viewtopic.php?f=8&t=237819&start=400
The 2024 Elections in the US, mostly for the POTUS

And despite the rate of inflation SLOWING, most feel that they ARE NOT better off economically under Biden and his "Bidenomics." Bidenomics is a message that does not resonate with the American voters; hence Biden did not mention it today at Valley Forge in his campaign kick-off.

Biden focuses on Trump in speech near Valley Forge: "Democracy is on the ballot"
By Kathryn Watson

Updated on: January 5, 2024 / 8:56 PM EST / CBS News

In his first campaign speech of the election year, President Biden warned the nation against the perils of compromising democracy, and the threat he and his campaign believe former President Donald Trump poses to American democracy.

https://www.cbsnews.com/news/joe-biden-marks-3-years-since-jan-6-2021-capitol-riot-valley-forge/

CAUSE IT WAS ABOUT DEMOCRACY!!!

"the economy sux cause Biden didnt mention it in his speech about democracy" - Jp4f hot take.

Here we go with jusplay4fun repeating the "troll" word.

Just like what pmac666 said, "CAUSE IT WAS ABOUT DEMOCRACY!!!

Jusplay4fun you are the one who is being a troll. I normally stay away from others who try to debate issues or simply having a discussion between 2 rational posters. Reading your rants and name calling is becoming seriously a bore.

Again, President Biden's speech was about democracy and the dangers that Trump could conceivably pose to our fragile democracy/Constitutional Republic.

So the ENTIRE Biden campaign is to call Trump a threat to Democracy? That is the entire speech, to kick off his campaign. It seems that pmac and his parrot pack rat think so.

One speech does not make a whole campaign strategy...are you that dim-witted? Or, is that your strategy, disinformation?

Of course you have Trump saying he hopes the economy crashes. Trump knows, but you don't, that the economy and GNP is doing great. Heck, even the uber-rich are doing great with their stock portfolio.

Jusplay4fun, take a vacation from the forums and expand your mind with actually reading, listening/watching mainstream media and googling to sort out conspiracies from facts.

[jusplay4fun]

I see that you now joined the troll league, Pack Rat. That is NO surprise. It appears to me that you read at a cursory level and react to that one post or one article and do not bother to read much beyond. That is one characteristic of a troll.

You do not know me and are new to the Forum. I read LOTS and I quote LOTS of facts, statistics, share graphs, and cite sources. Let me give you a brief sample, from this very thread. I will limit my posts from this one thread, (with one exception) but do similar data cites in other threads, too.

I read LOTS and read at least 5 books on various topics in the past 4 weeks, some I purchased and some from the local Library. So do not try to play the "he must be an ignorant right winger" Card. That is totally FALSE.

And one more point: how many right wingers are such adamant defenders of Global Warming?
https://www.conquerclub.com/forum/viewtopic.php?f=8&t=236784&start=250

Re: Why inflation may be worse than you think it is
Postby jusplay4fun on Tue May 30, 2023 8:54 pm

Dukasaur wrote:
jusplay4fun wrote:
Dukasaur wrote:
Cuts to "law enforcement, forest management, scientific research and more".

No cuts to the endless enhancement of the ability of the Pentagon to bomb Third World countries into oblivion.



Like the "bombs" (artillery) US is sending to Ukraine?


Fair point, but that's a fraction of the total "defense" (ROFL!) budget.


If you are referring to Afghanistan, that is ended.

CBO: U.S. Federal spending and revenue components for fiscal year 2022. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.



As the figure suggests, over 50% of discretionary spending is attributed to national defense. The remaining 48% of funds is divided among non-defense items such as transportation and education. Total discretionary spending approved for the fiscal year 2019 is $1,305 billion, just 28% of total spending.[10]


Image

and interest on the Debt keeps increasing:

Interest on government debt
Oftentimes, federal governments spend more money than they collect in tax revenue in a given year. When the government spends more than it brings in, it runs a Budget Deficit that year.[17] In order to pay for the extra spending, governments issue debt. Government debt is the amount of money credited from individuals, firms, foreign entities as well as the federal government itself through the federal reserve system.[8] Debt accrues over time. Most public debt is held in the form of treasury bills and bonds, and the government has to repay debt over time. In order to provide an incentive for individuals, businesses and other entities to lend money, the government must also pay these parties interest on the debt.[18] The interest expense for fiscal year 2019 is $363 billion, or 7.9% of the total budget. According to estimates from the Office of Management and Budget, interest on government debt is expected to more than double by 2028 and account for a larger percentage of total expenditures.[10]


https://en.wikipedia.org/wiki/Governmen ... %20sources.

and A LOT of money goes to Ukraine:

How Much Aid Has the U.S. Sent Ukraine? Here Are Six Charts.
Six graphics illustrate the extraordinary level of support the United States has provided Ukraine this past year in its war against Russian invaders.

Article by Jonathan Masters and Will Merrow

Last updated May 19, 2023 9:00 am (EST)

https://www.cfr.org/article/how-much-ai ... six-charts

[url]Just How Much Aid Has the U.S. Sent to Ukraine?
Bilateral aid to Ukraine between
$76.8 Billion[/url]

https://www.conquerclub.com/forum/viewtopic.php?f=8&t=236960&start=175

Re: Why inflation may be worse than you think it is
Postby jusplay4fun on Sat Dec 11, 2021 12:52 am


U.S. Inflation Hit a 39-Year High in November
Consumer prices rose 0.8% in the month and 6.8% from a year ago

U.S. inflation reached a nearly four-decade high in November, as strong consumer demand collided with pandemic-related supply constraints.

{...great graph in the article, linked here}:
https://www.wsj.com/articles/us-inflati ... 1639088867
{The graph also shows the impact of the Recession of 2008 until about 2010...}

The Labor Department said the consumer-price index—which measures what consumers pay for goods and services—rose 6.8% in November from the same month a year ago. That was the fastest pace since 1982 and the sixth straight month in which inflation topped 5%.


There is all kinds of bad news about inflation. You can read the rest of my linked source or find more bad news all over the media and online.

I think Mookie suggested easing or ending QE, Quantitative Easing, A good idea and good start.

and

I said:
jusplay4fun
Sun Dec 05, 2021 4:03 am

I have said already:
1) (and perhaps twice in this thread) that the President gets too much credit and too much blame for economic successes and failures.


and:

Former Federal Reserve Chairman Alan Greenspan predicted both inflation and interest rates will surge as a result of the country's growing national debt and budget deficit.

"We are dealing with a fiscally unstable long-term outlook in which inflation will take hold," Greenspan said in an interview on Bloomberg Television last Wednesday. "I think we're getting to the point now where the breakout is going to be on the inflation upside. The only question is when."


from Mookie's CNBC article posted here
https://www.cnbc.com/2018/02/05/trumps- ... arket.html

Re: Why inflation may be worse than you think it is
Postby jusplay4fun on Sat Nov 13, 2021 12:23 am

Updates on inflation:

#1
BREAKING|Nov 10, 2021,11:19am EST|1,374 views
Biden: Reversing Inflation ‘Top Priority’ After Consumer Report Shows Climbing Prices

TOPLINE President Joe Biden responded to the Consumer Price Index report Wednesday, which showed U.S. consumer prices had their largest surge in more than 30 years, saying there is “more work to do before our economy is back to normal,” and using the opportunity to urge lawmakers to pass his Build Back Better plan.


https://www.forbes.com/sites/annakaplan ... f7dd654a65

BIG NUMBER
6.2%. That’s how much inflation has increased in the past 12 months, according to the Consumer Price Index report.

CHIEF CRITIC
Republicans have honed in on inflation concerns, and some have argued that Biden’s plan will make the problem worse. Senate Minority Leader Mitch McConnell (R-Ky.) said earlier this month that inflation is a “direct result of flooding the country with money,” adding that Biden’s plan would add “another massive, reckless tax and spending spree.” House Minority Leader Kevin McCarthy (R-Calif.) echoed a similar sentiment in a tweet Wednesday, saying that the Build Back Better plan will spend “trillions that will only make this crisis worse.” Rep. Jim Banks (R-Ind.) wrote in a memo that focusing on inflation and supply chain issues is “hitting home with voters,” and referenced the results of the Virginia gubernatorial election. “We need to keep hammering away and work on bringing solutions to the table to address their concerns,” he wrote.

CRUCIAL QUOTE
Sen. Joe Manchin (D-W.Va.) said in a tweet “the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.” Manchin has been one of the major holdouts on passing Biden’s Build Back Better plan, first saying the $3.5 trillion price tag was too much, and last week adding that he needed more time to evaluate the lowered proposed cost of $1.75 trillion. Manchin added that Washington can “no longer ignore the economic pain Americans feel every day.”

SURPRISING FACT
More than two-thirds of Americans said inflation is a “very big concern,” outpacing worries on Covid-19, according to a Reuters/Ipsos poll released last week.


#2
Remarks by President Biden in Press Conference
NOVEMBER 02, 2021
•
SPEECHES AND REMARKS


https://www.whitehouse.gov/briefing-roo ... ference-5/

Q And then, a follow-up: You mentioned the word “inflation” there. You recently said you have no short-term answer to bring down gas prices. But, as you know, it’s not just gas prices now. Rents are up. The cost of everyday items are up. Inflation in the U.S. is at a 13-year high.

So, when specifically should Americans expect those prices to come down?

THE PRESIDENT: Well, look, first of all, the significant reason why prices are up is because of COVID affecting the supply chain. I mean, I know you — I’m not trying to be instructive; I know you know this. Number one.

Number two, if you take a look at, you know, gas prices and you take a look at oil prices, that is a consequence of, thus far, the refusal of Russia or the OPEC nations to pump more oil. And we’ll see what happens on that score sooner than later.

Number three, I think if you take a look at what we’re talking about — you look to this coming Thanksgiving — you know, we’re in a situation where we find that we are in a very different circumstance.

Last Thanksgiving, you know, I — as I said, this year, we’re working on the supply chain issue. But last Thanksgiving, I sat down with my wife, my daughter, and my son-in-law. This Thanksgiving, we’re all in a very different circumstance. Things are a hell of a lot better, and the wages have gone up higher — faster than inflation. And we have generated real economic growth.

It doesn’t mean these dislocations aren’t real. They do affect people’s lives. For example, one of the reasons why I decided to talk about the need to deal with the operation and the gouging that occurs in some of the pricing of beef and chicken and other things is that that’s why I think I indi- –that’s why I indicated to you we’re going to look at whether or not there’s a violation of antitrust laws and what they’re doing.

So, there’s a lot to look at. But the bottom line is that I think that — and anyone who would prefer, as bad as things are in terms of prices helping — hurting families now, trade this Thanksgiving for last Thanksgiving.

Q Thank you, sir.


#3
Biden again rejects inflation concerns, claims price spikes are temporary

https://nypost.com/2021/07/22/biden-aga ... temporary/

President Biden on Wednesday night again rejected concerns that inflation could be more severe and longer-lasting than previously thought — even as a chorus of voices on Wall Street have begun to accept that recent price spikes could stick around.

Danielle Lippi, a student and a registered Republican, asked Biden about the latest inflation data at CNN’s town hall in Ohio on Wednesday evening.

“Are you concerned about the higher inflation prices, especially as we see gasoline, automotive, and food prices increase rapidly?” she asked.

“What is your administration doing to help prevent the economy from overheating, such as the poor and middle class are not hurt by the higher prices of goods in the long run?”


Biden’s dismissal of inflation echoes comments made by Federal Reserve Chairman Jerome Powell, who acknowledged last week in front of Congress that inflation will likely stick around at high levels for a few months, but will eventually come down.

Despite Powell’s view, some of the biggest players on Wall Street have raised the alarm that inflation could be worse than the feds are prepared for.

“I worry about inflation. I do not believe inflation is going to be transitory,” BlackRock CEO Larry Fink told CNBC last week. Instead, he said, “It’s going to be more systematic over time.”

“How the Federal Reserve and how other central banks navigate that is going to be very important,” he added.
JP4Fun

Image
User avatar
Lieutenant jusplay4fun

Posts: 5684
Joined: Sun Jun 16, 2013 8:21 pm
Location: Virginia
Standard - SilverTerminator - BronzeOne On One - SilverPolymorphic - BronzeDoubles - SilverTriples - SilverQuadruples - GoldTeammate - SilverRandom Map - SilverCross-Map - GoldBeta Map - BronzeEscalating - SilverFog of War - GoldTrench Warfare - SilverSpeed - BronzeBot - Level 4Ratings - Level 4General - Level 1Clan - Level 12Challenge - Level 1Training - Level 1

Re: Why inflation may be worse than you think it is
Postby jusplay4fun on Tue Nov 16, 2021 8:28 pm

U.S. inflation hit a three-decade high in October, delivering widespread and sizable price increases to households for everything from groceries to cars due to persistent supply shortages and strong consumer demand.

The Labor Department said the consumer-price index—which measures what consumers pay for goods and services—increased in October by 6.2% from a year ago. That was the fastest 12-month pace since 1990 and the fifth straight month of inflation above 5%.

Again:

1) Look at HitRed's graph of M2; it is cogent.

2) HitRed mentions velocity of money, something I have not even THOUGHT about in many years. Good Point, HR.

3) and note basic economics of how prices are determined when compared to Supply and Demand. THAT is NOT rocket science.

4) I do know a BIT of Rocket Science , but I am not a Rocket Scientist. I do know one, personally, too.

[jusplay4fun]

If this is ALL due to what Biden (and the Fed) did, Biden is not getting the credit. I posted one poll on this matter in another thread:

https://www.conquerclub.com/forum/viewtopic.php?f=8&t=237819&start=400
The 2024 Elections in the US, mostly for the POTUS

And despite the rate of inflation SLOWING, most feel that they ARE NOT better off economically under Biden and his "Bidenomics." Bidenomics is a message that does not resonate with the American voters; hence Biden did not mention it today at Valley Forge in his campaign kick-off.

Biden focuses on Trump in speech near Valley Forge: "Democracy is on the ballot"
By Kathryn Watson

Updated on: January 5, 2024 / 8:56 PM EST / CBS News

In his first campaign speech of the election year, President Biden warned the nation against the perils of compromising democracy, and the threat he and his campaign believe former President Donald Trump poses to American democracy.

https://www.cbsnews.com/news/joe-biden-marks-3-years-since-jan-6-2021-capitol-riot-valley-forge/

CAUSE IT WAS ABOUT DEMOCRACY!!!

"the economy sux cause Biden didnt mention it in his speech about democracy" - Jp4f hot take.

Here we go with jusplay4fun repeating the "troll" word.

Just like what pmac666 said, "CAUSE IT WAS ABOUT DEMOCRACY!!!

Jusplay4fun you are the one who is being a troll. I normally stay away from others who try to debate issues or simply having a discussion between 2 rational posters. Reading your rants and name calling is becoming seriously a bore.

Again, President Biden's speech was about democracy and the dangers that Trump could conceivably pose to our fragile democracy/Constitutional Republic.

So the ENTIRE Biden campaign is to call Trump a threat to Democracy? That is the entire speech, to kick off his campaign. It seems that pmac and his parrot pack rat think so.

One speech does not make a whole campaign strategy...are you that dim-witted? Or, is that your strategy, disinformation?

Of course you have Trump saying he hopes the economy crashes. Trump knows, but you don't, that the economy and GNP is doing great. Heck, even the uber-rich are doing great with their stock portfolio.

Jusplay4fun, take a vacation from the forums and expand your mind with actually reading, listening/watching mainstream media and googling to sort out conspiracies from facts.

I will largely ignore the insults made by the newest troll Pack Rat.

And btw, I watch the mainstream media nearly every night and read the morning newspaper each day on my iPad. So I do not need your condescending advice; I already do so and have been doing such for many years. I google what I want to need to confirm what I know and to expand my mind. I avoid conspiracy theories; you must be confusing me with others that you troll.

Please note that I tend to respond in-kind. Insult me and I can respond likewise. Engage in intelligent discourse and I will respond in the same manner. Most choose NOT to do the latter here in this Forum.

[Dukasaur]

I still blame Biden for inflation as he wants to SPEND and not control spending.

Fair enough, as long as you are equally willing to blame all his predecessors, at least in this century, and for most of the previous one.



Except for a few tiny blips, the USG has run a deficit for more than 110 years.

[pmac666]

Ofc you can do that when you completly ignore the fact that this is a world event and youre doing pretty much the best in the western world.
And you surely wouldnt ignore that since youre such a smart cookie, right?
Or is the urge to blame old Joe for everything just bigger? lol

[GaryDenton]

People will get some clue if you mark Democratic administrations another color. Those are the declines after WW2.

This is like the border, Republicans claim it is horrendous, false, but repeatedly refuse to fund increases in border security.
At least one confessed why, it would help Biden.

As senators work on a compromise deal to address border security and immigration, at least one Republican is suggesting politics is a key motivator for him.

"Let me tell you, I'm not willing to do too damn much right now to help a Democrat and to help Joe Biden's approval rating," Republican Rep. Troy Nehls of Texas told CNN this week. "I will not help the Democrats try to improve this man's dismal approval ratings. I'm not going to do it. Why would I?"

[GaryDenton]

My Republican congressman had his latest rant against terrible inflation supposedly caused by Biden.

He refused to name the inflation number - 3.4%.

3.4%! More oil production, more green energy production, massive infrastructure projects, best employment in decades...

I love it. I'll take it. Thanks, Joe Biden.

.

[jusplay4fun]

People will get some clue if you mark Democratic administrations another color. Those are the declines after WW2.

This is like the border, Republicans claim it is horrendous, false, but repeatedly refuse to fund increases in border security.
At least one confessed why, it would help Biden.

As senators work on a compromise deal to address border security and immigration, at least one Republican is suggesting politics is a key motivator for him.

"Let me tell you, I'm not willing to do too damn much right now to help a Democrat and to help Joe Biden's approval rating," Republican Rep. Troy Nehls of Texas told CNN this week. "I will not help the Democrats try to improve this man's dismal approval ratings. I'm not going to do it. Why would I?"

Leave it to the biased pro-liberal GaryD to mislead by failing to quote the entire post, attributed to someone else on another topic:

A border deal to nowhere? House GOP ready to reject Senate compromise on immigration

https://edition.cnn.com/2024/01/03/poli ... index.html

“Let me tell you, I’m not willing to do too damn much right now to help a Democrat and to help Joe Biden’s approval rating,” Rep. Troy Nehls, a Texas Republican, told CNN. “I will not help the Democrats try to improve this man’s dismal approval ratings. I’m not going to do it. Why would I? Chuck Schumer has had HR 2 on his desk since July. And he did nothing with it.”

Nehls was actually talking about the BORDER issue, not about the US Economy, per se. And it is not even an original post.


Let's inject some facts into this discussion:

The economic policy of the Joe Biden administration, dubbed Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations. Other goals include increasing the national minimum wage and expanding worker training, narrowing income inequality, expanding access to affordable healthcare, and forgiveness of student loan debt.[1] The March 2021 enactment of the American Rescue Plan to provide relief from the economic impact of the COVID-19 pandemic was the first major element of the policy. Biden's Infrastructure Investment and Jobs Act was signed into law in November 2021 and contains about $550 billion in additional investment. His Inflation Reduction Act was enacted in August 2022.

Biden's first year in office (2021) saw strong growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation. During his second year (2022), the unemployment rate averaged 3.6%, the lowest since 1969.[2] Monthly job creation averaged 400,000, with the number of persons with jobs regaining the pre-pandemic peak in June 2022.[3] Inflation peaked in mid-2022 and remains elevated, with the Federal Reserve rapidly raising interest rates.[4] Average weekly earnings, adjusted for inflation, declined by 3.4% since Biden took office and real median post-tax income was down 8.8 percent relative to 2021.[5]

https://en.wikipedia.org/wiki/Economic_policy_of_the_Joe_Biden_administration#:~:text=During%20August%202022%2C%20Biden%20signed,%22very%20strong%22%20labor%20market.

And some wonder why Biden gets no credit for a wonderful Economy. It is NOT, for the average American.

More, from the same source:

.... inflation significantly increased in 2021 relative to 2020 in the U.S. and Europe, attributed to factors such as strong consumer demand for goods (empowered by government relief programs), supply restrictions in port capacity and microchips, and lower 2020 prices.[14][15]

Inflation was partially offset by strong wage growth; by one measure, worker wages and benefits increased at the fastest rate in at least 20 years.[16][17] The administration noted that high inflation was also present in the Eurozone, Canada and the United Kingdom, though economists said the $5 trillion in government stimulus spending in the United States during 2020 and 2021 was disproportionately large compared to that of other countries and was a significant contributor to domestic inflation.

(...) Polls, however, indicated broad public discontent with the Biden economy,

I think such polls show discontent because
1) not everyone benefits, and
2) real wages have declined for many Americans (as supported above and by other sources I have already cited).

and more:

President Joe Biden campaigned on an economic platform that included strategies to support the middle class, extend healthcare, raise taxes on the wealthy, and invest trillions of dollars in green energy infrastructure. The COVID-19 pandemic and the war in Ukraine have fueled high Inflation and resulting interest rate hikes from the Federal Reserve

https://www.investopedia.com/joe-biden-s-economic-plan-save-the-middle-class-4769869

and
(...)

only 36 percent of Americans say they approve of Biden’s handling of the economy.

and note some of the consequences:

The High Geopolitical Costs of U.S. Economic Policies
Biden’s economic plans risk alienating the Global South when the United States needs them most.

https://www.cfr.org/blog/high-geopolitical-costs-us-economic-policies

[jusplay4fun]

And MORE on the US Economy:

The Truth About Joe Biden’s Economy
Americans are feeling the pain at the pump and at the grocery store. Inflation is at a 40-year record high. Yet, President Joe Biden and his administration say that the economy is better than ever.

Americans are feeling the pain at the pump and at the grocery store. Inflation is at a 40-year record high. Yet, President Joe Biden and his administration say that the economy is better than ever. This week, Distinguished Visiting Fellow Stephen Moore explains the truth about Joe Biden’s economy.

(...)

Moore: Well, I think first of all, this really suggests that the people in the White House are just out of touch with what's going on in real America. We've always talked about Washington being a bubble, where politicians of both side of the aisle are just not in touch with what's happening in main street America. And this is a really a picture perfect example of that, where it's laughable and it's actually insulting for the Biden administration to tell people who are seeing their incomes being ravaged by the highest inflation rate in 40 years.

Moore: You see there was a study that came out recently that a lot of families are really having to cut back and even the essentials that they buy because their incomes are falling relative to the price of everything from gasoline to buying milk and all the other things that people have to buy, rent.

Moore: And so it's not a good economy. 82% of Americans, according to New York Times poll, and they're hardly on the right, Americans say the country's headed in the wrong direction. And it is. It is headed in the wrong direction. We've got the high gas prices. We have a situation now where I believe we're in a, what I call a soft recession, where the last two quarters have been negative, now only a little bit negative, but still that's officially in a recession.

(...)

Moore: And then the fact is that I was looking at credit card data, Americans aren't saving, they're dis-saving, they're running up their credit card so they can pay their bills. So that is another one that it just doesn't comport with reality.

Moore: Look, the job market is good right now. It is good. And there are jobs out there. So my advice to people, if you're been sitting on the sideline for two years, like a lot of people have throughout COVID, now would be a good time to get a job while they're still available. Job growth is definitely slowing. And so over the last three months, we've seen there's fewer Americans working today than there were three months ago.

Moore: And I think we're all a little puzzled. Even the economics team here at Heritage, we have a lot of discussions about why is this happening? Why aren't Americans filling the jobs that are out there? And I do think the government benefits is a big part of this, that we're paying people not to work.

Moore: And one of the things, I mean, the people regulars here at Heritage know that Heritage played such a big role in the 1990s on the historic welfare reforms, where we required people to work to get benefits. We all believe in a safety net, but you have to either be working or looking for a job or getting training.

Moore: And people should realize that under Obama, then especially so under Biden, we've eviscerated all of those. Almost all of the work requirements are gone. And so you've got people who can get rental assistance, food stamps, free healthcare, $300 a week per child benefits, unemployment benefits, all of these things. And they add up to, and by the way, this is all tax free, without working an hour, you can make 70, $75,000 a year. So we have to get back to the idea of work fair.

Cordero: So you're saying, going back to the question that the job market is growing, but that's due to the circumstances left over from the pandemic.

Moore: Yeah, exactly. We're still a little bit below where we were in 2019. We haven't still fully recovered.

Moore: And the other part of this, Michelle, that's really interesting that we've been doing a lot of work on here at Heritage, is looking at the difference between what's happening in the red states and the blue states. So Republican governors handled COVID much, much better than the blue states did. They kept their schools open. They allowed their businesses where possible to stay open, whereas the blue states just shut down.

Moore: And so even to this day, the red states have lower unemployment rates. They have healthier businesses. And so it is also a kind of a tale of two countries. The job market is pretty good in the red states and in the blue states, you still have a lot higher unemployment.

(...)
Cordero: So the left is spinning that then by acting like wages are up is a good thing. Forget about the fact that inflation is up.

Moore: Yeah. Because we want to look at the purchasing power of your wages. And so that's way down. And so we've got to get the inflation rate down. I mean, I want to make this point crystal clear, until we get this inflation rate down, inflation like a cancer, it just kills an economy. You see that throughout American history, you see it in other countries. So we got to, job number one is get that inflation rate down to at least, right now we're at eight and a half percent, we got to get down to no more than four and then get it back down to about the 2% range you want it at.

Moore: And so the Fed has been way behind the curve on this. But another point we've been making at Heritage to all the members of Congress and the people in the policy making positions is the match that lit the forest fire of this high inflation was the runaway spending that happened. And it was the last year of Trump and the first year and a half of Biden where we spent three and a half trillion dollars we didn't have.

https://www.heritage.org/budget-and-spending/heritage-explains/the-truth-about-joe-bidens-economy

[Dukasaur]

And it was the last year of Trump and the first year and a half of Biden where we spent three and a half trillion dollars we didn't have.

https://www.heritage.org/budget-and-spending/heritage-explains/the-truth-about-joe-bidens-economy

Trump's contribution to the deficit didn't start with Covid.

[HitRed]

Doesn’t Congress have the power of the purse

[Dukasaur]

Doesn’t Congress have the power of the purse

In theory.

In practice, things have gotten more and more centralized. The president's party only does things that he likes, and the other party only obstructs. Neither takes any real initiative.

[jusplay4fun]

And it was the last year of Trump and the first year and a half of Biden where we spent three and a half trillion dollars we didn't have.

https://www.heritage.org/budget-and-spending/heritage-explains/the-truth-about-joe-bidens-economy

Trump's contribution to the deficit didn't start with Covid.

I do not recall saying that Trump did not have a deficit before COVID. He went along with Congress and their CRs on the different budgets. There is usually no stomach to:

1) cut the budget, especially;
2) or even, to cut the usual INCREASE in Federal Government spending on nearly all, if not ALL, programs.

[Dukasaur]

[size=150]And it was the last year of Trump

Trump's contribution to the deficit didn't start with Covid.

I do not recall saying that Trump did not have a deficit before COVID. He went along with Congress and their CRs on the different budgets.

You didn't. But the article you cited tried to leave that impression, with the line about "the last year of Trump".

[jusplay4fun]

[size=150]And it was the last year of Trump

Trump's contribution to the deficit didn't start with Covid.

I do not recall saying that Trump did not have a deficit before COVID. He went along with Congress and their CRs on the different budgets.

You didn't. But the article you cited tried to leave that impression, with the line about "the last year of Trump".

The last President NOT to have a deficit budget was Bill Clinton and I maintain that much of the credit should go to President George H. W. Bush ( the Dad, #41) and his budget deals under Richard Darman.

As director of the Office of Management and Budget, he negotiated with Congress in 1990 to pass a budget that raised taxes. The deal angered conservatives, who said it violated the pledge that Mr. Bush had made in accepting the Republican presidential nomination: “Read my lips, no new taxes.”

National Review, the conservative magazine, called Mr. Darman’s work “the most catastrophic budget deal of all time,” and Mr. Bush himself later said it was the biggest mistake of his presidency. But many economists believed that the agreement’s tough “pay as you go” rules and a resulting infusion of revenue eased the recession of the early 1990s, and paved the way for the later budget surpluses and economic boom.

https://www.nytimes.com/2008/01/26/washington/26darman.html

[karel]

only 1 reason.....biden

[jusplay4fun]

only 1 reason.....biden

I assume that you response is about the title of this thread, karel. Your post is a bit vague here.

[Dukasaur]

only 1 reason.....biden

I assume that you response is about the title of this thread, karel. Your post is a bit vague here.

Apparently 'biden'[sic] has been controlling the U.S. budget for the last 100 years. Quite an accomplishment.

[jusplay4fun]

only 1 reason.....biden

I assume that you response is about the title of this thread, karel. Your post is a bit vague here.

Apparently 'biden'[sic] has been controlling the U.S. budget for the last 100 years. Quite an accomplishment.

Well he is almost OLD enough.

[GaryDenton]

I 'll even use a MAGA source for this.

https://www.breitbart.com/economy/2024/01/19/consumer-sentiment-january/

Rising optimism about the prospects for the economy, confidence that inflation will decline, and better feelings about current conditions fueled a sharp rise in U.S. consumer sentiment as the new year began.

The University of Michigan’s consumer sentiment index surged 9.1 points to 78.8, the largest monthly increase since 2005. This followed a big increase in December. Over the last two months, sentiment rose 29 percent, the largest two-month increase since 1991.

Record oil production, green energy levels, record unemployment, falling inflation since passing the Inflation Reduction Act no Republicans voted for and laughed at, and big infrastructure projects; as always the conservative Republicans have been dead wrong.

[jusplay4fun]

I 'll even use a MAGA source for this.

https://www.breitbart.com/economy/2024/01/19/consumer-sentiment-january/

Rising optimism about the prospects for the economy, confidence that inflation will decline, and better feelings about current conditions fueled a sharp rise in U.S. consumer sentiment as the new year began.

The University of Michigan’s consumer sentiment index surged 9.1 points to 78.8, the largest monthly increase since 2005. This followed a big increase in December. Over the last two months, sentiment rose 29 percent, the largest two-month increase since 1991.

Record oil production, green energy levels, record unemployment, falling inflation since passing the Inflation Reduction Act no Republicans voted for and laughed at, and big infrastructure projects; as always the conservative Republicans have been dead wrong.

Of course GaryD will cherry-pick quotes that do not tell the truth. HE LIES. Let's look at more quotes from HIS SOURCE, that he cited and used:

Even with the recent improvement, sentiment is 7 percent below the historical average since 1978 and 21 percent lower than the prepandemic level of January 2020. The latest reading is about even with where it was when Biden was sworn in as president in January of 2021.

Sentiment has been boosted by a rise in hope among Republicans for economic improvement, most likely linked to the increasingly likely prospects that Donald Trump will defeat Biden in the presidential election later this year. At the same time, the partisan habit of Democrats of praising the economy during Democrat presidencies remains strong and many Democrats cling to the belief that Biden will win re-election.

“Democrats and Republicans alike showed their most favorable readings since summer of 2021,” Hsu said.

Expectations for inflation continued to decline, falling to 2.9 percent over the next year from expectations for 3.1 percent in December. Over the next five to 10 years, consumers expect inflation to average 2.8 percent, the slowest expected pace in four months.

While the Federal Reserve is likely to take comfort in falling inflation expectations, surging consumer sentiment could boost growth at a time when plans to decrease interest rates hinge on the economy slowing.

“Sentiment has now risen nearly 60% above the all-time low measured in June of 2022 and is likely to provide some positive momentum for the economy,” Hsu said.

Good use of that site, GaryD. You make things SO EASY for me to refute your silliness.

Of course what GaryD quoted looks good compared to the ALL TIME LOW. But we are still in BAD SHAPE, no matter what fools like GaryD try to peddle his fake news. Thanks for allowing me to EASILY FIND AND POST THE TRUTH, GaryD; you made is SO easy for me to point out your LIES.

And some of that improvement is, get this, due to expectations of Trump being elected President. Thanks for sharing that TOO, GaryD. There may be hope for a better Economy and a better country.

[lokisgal]

so you all want a dictator for life in office? smh and is amazed at how deep the rabbit hole is

[Dukasaur]

so you all want a dictator for life in office? smh and is amazed at how deep the rabbit hole is

I hate Trump as much as anyone, but even I'm not worried that he'd have any chance to be dictator for life. He doesn't have any real policy agenda, just wants his ego fed.

[lokisgal]

so you all want a dictator for life in office? smh and is amazed at how deep the rabbit hole is

I hate Trump as much as anyone, but even I'm not worried that he'd have any chance to be dictator for life. He doesn't have any real policy agenda, just wants his ego fed.

exactly and thats whats so astounding, that so many want to feed his ego and are seemingly ok with the idea of him being dictator for life (of course many of them dont really understand what that would actually mean). The rabbit hole is pretty deep these days.