The topic was rising inflation and Biden blame which ignores the trillions of dollars in spending passed last year supported by Republicans and signed by then-President Donald Trump.
Inflation rose 7% in December...
- Thread starter El Cubano
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The primary driver is supply chain disruptions caused by the pandemic. When demand outweighs supply the result is inflation. Economics 101! The demand-supply mismatch is the simple reason behind most inflation, including now! You will never convince me that Biden policies are responsible for rising inflation in virtually every developed nation in the world.
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Not my intention to convince you but I would recommend reading up on basic inflation and associated monetary policies. So far, this administration has a failing grade
One trick pony- don't confuse him with the facts. He doesn't understand that pouring too much money. into the system causes demand. It's a very difficult concept to grasp.
Then so does every other administration in every developed nation in the world. Why do you refuse to accept that rising inflation is a global concern? Are you so intent on blaming Biden that you refuse to look at the big picture. Rising inflation rates are not specific to the U.S. True or false?
Larry Summers- former President of Harvard University Chief Economic Advisor , and Treasury Sec. under Obama- Biden's reckless spending of trillions of dollars "will create inflationary pressures the likes of which we have not seen in a generation".
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After the Battle of Little Bighorn, Sioux women went to every one of the dead 7th Cavalry soldiers and pierced their eardrums with sharp instruments so the next time they would listen to the Indian nation. And they weren't even arguing the economics of the situation
Wait... What? That is a cool bit of information I wasn't expecting.
Hey Mike, breaking news- there was no inflation under Trump 1.4%. Sorry to spoil your fantasy. Do you ever look at facts? Just asking.
Different time, different situation. You talk about facts but ignore the fact that Trump took Office during a long period of low inflation while Biden's has been marked by record-setting global inflation. Economic conditions are totally different so how can you make a fair comparison?
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I would agree except this douch bag doesn't seem like he will physically make his term.
It was only a year ago inflation was 1.4%. Don't bullshit us like it was 4 years ago and a "different time" What's different other than the fact that we have a demented doddering old fool in the WH who knows NOTHING about economics. That's why we have inflation. Get real for once.
Trump was an economic whiz and now we have inflation because of a demented fool in the WH? If that's the case then why does every developed nation in the world have record-setting inflation? If you want me to get real, then quit posting total BS and use your head for once! What we're seeing is GLOBAL inflation caused by a demand-supply mismatch, not the policies of one leader and many of Biden's policies were passed with bipartisan support. Check out those facts!
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Check this fact: Biden's first move...shut down the pipeline. Where's inflation hit the hardest? Oil, that thing we briefly stopped importing until Biden!
Refusing to read factual information is a major symptom of TDS.
Summers and Rubin were both addressing the U.S. economy. What will it take for you to understand that rising inflation is a GLOBAL problem? Every developed country in the world is faced with record-setting inflation rates. Once again, inflation is not specific to the U.S.!
"Where's inflation hit the hardest"? Not in the U.S. The country had the eight-highest annual inflation rate among 46 countries that were recently examined. Biden's shutdown pipeline did not cause those countries soaring rates. Once again, rising inflation is not specific to the U.S.!
Biden shut down the pipeline and now we're importers of the commodity most affected by inflation. What needs to be understood is that Biden's only move affecting OUR ECONOMY was inflationary. Dream on all you wish, no way to un-putz this President.
Inflation aside, do you find it hypocritical at all to shut down a pipeline to combat global warming and then proceed to transport that same oil by trucks and trains that spew out toxic exhaust fumes along the way? Is it also not hypocritical to curb oil development in America only to beg other countries to produce more oil? Is the oil in other countries less toxic to the world when it is produced?
The pipeline has faced years of sustained protests from environmental activists and organizations; indigenous communities; religious leaders; and the farmers, ranchers and business owners along its proposed route. Just explaining that there was considerable blowback against the pipeline.
I understand that some of Biden's policies might have been inflationary but you'r focusing on the U.S. and not looking at the big picture. What is responsible for soaring inflation in every developed country in the world? Hint: It's not Biden's pipeline shutdown!
Living in Utah I understand that there will be opposition to almost any plans for public land, whether that opposition is justified or not The reason given for not building the pipeline though had to do with environmental issues. That same oil is being transported either way and if it's to combat climate change then they have only exasperated the problem by transporting it in a much less environmentally friendly way.
The pipeline itself had little to do with American energy independence as this is Canadian oil that was being transported to refineries here for shipment elsewhere.
Thanks for the hint, never would have guessed! Here we are, you and I, both recipients of Biden's 'Scientific Approach' to "it". So far, his approach hasn't been at all effective. But, if he were Lincolnesque, he'd hire Trump to get us past Covid and inflation...the rest of the world could follow.
Of course Summers and Rubin were adressing our economy and the egregious mistakes Biden is making.Joe Sixpack only cares about our economy. What is France's situation to him. You are really making yourself sound foolish.
You're the one coming off uninformed. You're obsessed with finding fault with Biden and insinuate his policies are the cause of worldwide inflation. Joe Sixpack needs to put down his beer and pay more attention to world affairs. Read a newspaper or watch a news broadcast. Maybe then he would understand that what ails our economy is not merely Biden mistakes but a global problem caused by a demand-supply mismatch. Understanding the real problem should ease concerns knowing that our economy will adjust before most others.
Funny how you blamed a “recession” on Trump, not the pandemic shutting down the economy. Hypocrites knows no bounds.
Mike - we are the leader of the free world. If we have inflation and potentially increased interest rates, then other countries will follow suit. Counties like Venezuela, Socialist and some Communist countries will have incredible inflationary rates due to their style of governance, graft and corruption. They don't count, however the change in US policy such as energy independence and out of control spending has caused big problems for our country.
In short, we need to eliminate any form of welfare possible and get back to energy independence. Prices will come down and people will go back to work.
The National Bureau of Economic Research concluded that the U.S. was in a recession before Covid lockdowns. Whose wrong, you or them? I'll take their word over your BS!
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Funny how we never heard about inflation or supply chain disruption while Trump was President. Inflation Trump's last quarter 1.4%.
%
Misinformation Mikey strikes again. He is closely becoming the first person I put on ignore, but I am not sure I can resist his stupidity.
The covid recession is officially over, and it was the shortest on record
The pandemic sparked recession ended in April 2020 after just two months, according to the National Bureau of Economic Research. That makes the most recent US economic downturn the shortest on record.
www.cnn.com
New York (CNN Business)The pandemic sparked recession ended in April 2020 after just two months, according to the National Bureau of Economic Research. That makes the most recent US economic downturn the shortest on record.
Before the pandemic, the shortest recession was in the 1980s, lasting six months.
Last year, nationwide lockdowns began in March. Businesses closed their doors, laying off millions of Americans. Schools went to remote learning, forcing even more people out of work. All of that plunged the US economy into a deep hole.
Economic activity, measured through the gross domestic product, contracted at an annual rate of 5% in the first three months of 2020 — and at a record 31.4% in the following quarter. During that period, America shed more than 20 million jobs.
But the low point of the downturn occurred in April 2020, and the economy quickly began to recover, according to Monday's NBER report. NBER defines the first month of a recession as the period following the peak, and the last month of the recession by the trough. So the fact that the US economy is no longer in recession does not mean it has fully recovered.
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