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Biden’s economy
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Anonymous
None of those proposals passed and as far as I'm aware are no longer on the table. He hasn't forgiven student loans. So he has done everything you ask. Do you have any actual proposals or just hot air? |
Anonymous
The $2 Trillion American Rescue Plan passed on a partisan vote. That alone caused much of our current inflation. He should send Joe Manchin a fruit basket for refusing to pass his $3 Trillion BBB bill. Had that passed, things would be far worse. He may not have YET forgiven student loans, but they are still talking about doing it. Just STOP spending money we don't have. Biden just can't help himself. I liked the OpEd in the WSJ yesterday.... President Costanza Takes On Inflation
https://www.wsj.com/articles/president-costanza-on-inflation-joe-biden-prices-11652215621 |
Anonymous
So… do nothing. |
Anonymous
So you agree we should all thank Manchin? |
Anonymous
| The BBB would have mitigated inflation. Stop typing without any understanding of economics. |
Anonymous
How would BBB have mitigated inflation? Too much money chasing too few goods = inflation. How does adding MORE money help? You explain using economic principles. |
Anonymous
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Inflation on energy costs for fa inordinate has risen the highest since 1990.
https://amp.cnn.com/cnn/2022/05/10/economy/single-parent-inflation-economy/index.html People are skipping meals. Biden lines to blame Russia…but the facts don’t match his propaganda minister’s stupid phrases https://www.bloomberg.com/news/articles/2021-11-16/inflation-set-to-spoil-holidays-for-struggling-u-s-families Holidays last year we’re messed up so long before “PuTInS PrICe hIKe”. It’s this administration’s bad monetary policy. Also, COVID is back on the rise: https://www.axios.com/2022/05/12/deaths-from-covid-begin-to-rise-again So with high inflation rates, dismal economy and now More COVID deaths on the rise it seems to me the guy at the helm needs to be removed. |
Anonymous
I didn't like BBB so I guess I would thank Manchin, but I don't buy the BS that it would somehow be inflationary. |
Anonymous
And it’s fascinating how you studiously avoid any kind of substantive response in any issue. |
Anonymous
Not it wound not have you 🤡 When does dumping in trillions more into the economy cool inflation? It is scary how bad of an understanding of basic econ 101 you Dems have. Hopefully this experience also puts asinine ideas, like MMT that your party subscribes to, completely on it's deathbed. |
Anonymous
The only issue is that everything you are saying is a lie. |
Anonymous
BBB had a bunch of tax increases that offset most of the spending. But if dumping trillions into the economy causes inflation, why didn’t we see inflation when Trump dumped trillions in? |
Anonymous
Here is some actual analysis on this issue. Please see the NON-PARTISAN analysis below: Build Back Better would add only moderately to deficits in the short term and reduce them in the longer term. The House-passed BBB would increase the deficit by 0.6 percent of gross domestic product (GDP) in fiscal year 2022 and by diminishing percentages through 2026 before starting to reduce deficits in 2027, according to the Congressional Budget Office (CBO).[1] The loss of fiscal stimulus as temporary relief measures enacted earlier in the pandemic have phased out will dwarf any inflationary pressure BBB would cause by increasing demand for goods and services in 2022. Many relief measures that boosted consumption — such as stimulus payments and expanded jobless benefits — have ended, creating a drag on economic growth that will be much larger than the modest stimulative impact of BBB measures in the near term. Current inflation stems primarily from COVID-related disruptions in the global supply chain and the unique characteristics of the pandemic economy, not from an economy that is broadly overstimulated. During both the height of the pandemic and today, when infection rates are still significant, individuals and households consumed fewer services — from travel to dining out in restaurants to movies, concerts, and sports events — and shifted to consuming more of their income on goods. While this shift was largest during the early stages of the crisis, today consumption of services remains below pre-pandemic levels. The increased demand for goods put pressure on global supply chains, which were themselves disrupted by the pandemic. Factories could not always operate at full strength during the pandemic, for example, and early in the crisis, concerns that demand for goods could plummet if the crisis was not well controlled led some companies to cut back production and orders by what turned out to be too much. The result was a flare-up of inflation starting in the spring of 2021, which will likely last well into next year for reasons unrelated to Build Back Better. Addressing inflation and meeting the nation’s investment needs are two separate tasks. The Federal Reserve has primary responsibility for addressing inflation as part of its dual mandate from Congress to promote stable prices and maximum employment, and it has the tools to do that. Current Fed policy is still “accommodative” toward further expansion, reflecting the continued need to generate job growth and to protect the economy against continued uncertainties related to the pandemic itself. (See box, “Getting Virus Under Control Remains Critical for Strong Expansion and Lower Inflation.”) But when necessary, the Fed can offset unwanted inflationary pressures by gradually tightening monetary policy, starting with reducing its holdings of Treasury and mortgage-backed securities acquired to support the economic recovery (it currently is tapering purchases and has signaled that it will likely speed up the tapering) and ultimately raising its short-term interest rate target gradually. https://www.cbpp.org/research/economy/inflation-concerns-should-not-impede-enactment-of-build-back-better |
Anonymous
Because the economy reopened numbnuts. Biden kept spending and adding stimulus after the economy reopened.. Whooosh......right over your head. |