Inflation up to 7.5% from 1.4% when Trump left.
- Thread starter NO.SHORECANE
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I'm not sure. Is it normal to have pictures and posters and memorabilia all over my house of Trump? Is that love? LOL LOL
The worst President contest does not have Trump anywhere in it. It is between Jimmy Carter, Lyndon Johnson and Joe Biden based upon a year in office so far. If the economy gets worse than Carter's under Biden's watch, then it's conceivable that Biden becomes #2 leapfrogging Carter. In my opinion Johnson was the worst due to lying to the American public about our involvement in Vietnam. He said he was sending in more advisers when he ended up sending in 500,000 troops resulting in 58,000 U.S. deaths. The worst abuse of power by any modern U.S. President.
trump put the 15% corporate tax cut in play, which is like a delayed blitz! The hit comes later. The economic blitz comes w a y later, but your boy trump was the originator, The Geter with the heater behind the rise in inflation! Go Canes!
FACT-Nearly 200 top political scientists voted Trump the worst president in U.S. history!
Generally when you put something in quotes and attribute it to a person it should be something that person has actually said.
Dumbest post ever. Saving coroporations tax dollars allowed for less pressure on rising prices. Don't be dumb no one likes dumb.
There are numerous sources to base that on. Try one of them and quit posting nonsense!
Are you that thick ? You keep repeating nonsense about world wide inflation.
The inflation rates in France and Germany are less than half of our rate!
You keep referencing world wide rates , but no facts . The rate in Germany is about 3.5 %, France 2.3 % . Ours ? 7.5 %
You are entitled to your own opinion , but not your own facts.
Larry Sumner, Joe Manchin and the liberal guy who was in charge of stealing money from the lenders to the Auto companies ( the Obama dude ) all said that the reckless and unnecessary spending would result in this devastating inflationary situation.
Pumping printed. money into the system indiscriminately. The absurdity of this is that the democrats take credit for spending money we don’t have and calling it an accomplishment! Then calling for more !
And tax cuts are actually stimulating to the economy .
All Brandon can say is that if I make less than $400k ( never clarified on whether that is a single taxpayer) I won’t get an increase. What about a fcking tax decrease?
Our country was founded on the principle that taxes need to be limited and that in the words of George W, the government needs to take their hands out of our pockets .
Spend , Tax and generate inflation.
That’s the democrat playbook
I saw the interview. That's what he said. Sorry it doesn't fit your agenda.
Corperations in general are about profits, and avoiding their duty to pay their fair share!!
So, you want to see prices falling! What about bridges falling for lack of funds! Funds lost from the 15% cut!!
They just passed a bipartisan infrastructure bill, even though it was only 10% hard infrastructure. Of course everyone wants to see see prices come down, especially lower and middle income families. Too bad it isn't happening.
Cutting taxes usually brings in more tax revenue by expanding the tax base, and encouraging spending.
"Nonsense about world wide inflation"? The European Central Bank policy makers are facing record inflation. Annual inflation in the eurozone (19 countries) came in at 5.1% Wednesday, the highest since 1997 when record keeping began ahead of the euro being established in 1999. Gas prices in Germany have reached a record of 1.71 euros per liter or the equivalent of $7.31 per gallon. Then you cite George W. whose administration had economic indictors not seen since the Great Depression. First president in history to cut taxes then go to war. Took the cost off the books to be left for OBam to pay for. His tax cuts are likely to continue be a major driver of federal budget deficits 20 yrs. after they were first passed. Get your facts straight and come back later when you understand that inflation is a GLOBAL problem and not just a U.S. concern!
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You'll rarely find me communicating anywhere without having thought through it first. I have google alerts for any new content by Lawrence S because his insight is so frequently high caliber. He has come to UM to give a talk a couple times over the last decade. I know the interview he gave that you're referencing and I know that he did not say what you attributed to him. Not saying you are a liar, you probably got it from someone else who you trusted to be normally accurate. What Lawrence has said about inflation is that you cannot separate it from either its pandemic related causes or its monetary policy related causes.
wake perhaps you are correct. I don't think anyone is denying that the pandemic had a role to play in the current inflation situation BUT the last 2 trillion in relief which was not necessary AS PASSED pushed us right over the cliff. Republicans argued at the time that it was too broad and too large. They were in favor of very select targeted assistance that may have been missed by earlier relief packages. They argued rightfully that PLENTY of money was still unspent by previous aid passed. Red state Governors had already realized lockdowns were harmful and had started to open up again.
You can NOT flood the economy with so much money ESPECIALLY at a time when supplies were either the same or REDUCED and not know that prices would soar. More demand chasing either the same or less goods and prices go up. Then there is the labor wage issue and unrelated to covid u have the Energy Policy mistakes that Biden made in his first 60 days. No one can argue his assault on American Energy oil and gas industry hasn't been a MAIN driver in the prices we see today for gas, heating oil, natural gas, etc.................
There are many of your comrades denying that the pandemic had a role in the current inflation situation. In fact, they are denying that inflation is even a problem anywhere but the the U.S. despite record inflation rates in the eurozone and elsewhere.
This is a pretty fair opinion. I disagree with it fundamentally but it is fair/logical. What the GOP favored was insufficiently bold/overly conservative imo. Despite a lot of media hysteria, what is happening now with inflation and such is not really any big "told ya so" - it was well within the realm of understood possible 6-24 month outlooks. The fiscal policy was in many ways intentionally too broad and too big. One of the chief lessons learned in 2009 was that going too small with a recovery effort is a disastrous self-inflicted wound that can add several years onto the recovery timeline. Quite simply given a choice between overheating and undercooking the economy overheating is by far the more desirable. Of course the hope is it ends up being just right, but that's like hitting a moving target a mile away while blindfolded. It'll be fine before long and not many economists In my circle are overly concerned right now. Frankly I am annoyed by the White House for not just adopting what I've said here as their talking point for the inflation question.
You disagree with it fundamentally? Bro that's such a contradiction. We had just put 6 trillion dollars out there with over 1 trillion yet spent and Biden and the Dems then put out another 2 TRILLION! They put out so much money that States and local governments and school boards don't even KNOW WHAT TO DO WITH IT! They paid people DOUBLE AND TRIPLE their usual wages to STAY HOME! We are still seeing how difficult it is to hire people all across our country. Bidens assault on American Energy Industry has oil near $100 per barrell. That means it costs MORE TO PRODUCE GOODS< MORE TO PACKAGE GOODS> MORE TO TRANSPORT GOODS and MORE FOR YOU AND I TO GO TO WORK!
This is Econ 101. It isn't any secret. That last relief package was a bunch of money to a bunch of Blue State buddies. The SAME STATES that still to this day REFUSE to remove mandates which is creating STILL MORE PROBLEMS in the labor markets.
And lets not overlook we are now over 30 TRILLION in debt.
My lord bro this is taught in every community college in the country.
You are speaking of the Laffer Curve. It is a preposterously simplistic theoretical model from the 1970s that neither reflects the complexity or interdependencies of real world markets nor the propensity for irrational decision making to drive them. Not surprisingly it has not played out as theorized when tried out.
Watch the interview Summers gave on December 17 2021 on Amanpour and Company and what he said is the overwhelming ( his words) cause of the inflation we're seeing.- way too much Federal spending,Fed policy of buying bonds and low interest rates. He did not say the policies and Covid could not be separated. He said policies were the overwhelming cause. The economy overheated creating too much demand for too little goods and services. I believe that's what I quoted him saying. I didn't get it from "someone else you trusted".
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Community colleges are great and a key part of our education system. I can only speak to what we teach at the U and at Duke. I'm not concerned about our debt what so ever. I understand how costs flow up and down a supply chain. The unemployment benefits were not meaningfully related to the labor shortages, which is what Economics 401 common sense would suggest was likely the case and also is what oodles of econometric analysis comparing before and after data demonstrates. You cannot simply total the amount of spending in a stimulus spending package up and pretend as though that the bigger the # the more the danger of inflation. What the money is being allocated towards is an essential component. Some allocations will work to reduce inflation, some to increase.
So the inflation rate in the European area is 35 % less than ours , fact ! We are at 7.5 . They are at 5.1% . Duh 😒 plus much of their increase is related to gas prices which are spiking because of reduced production . When asked , Brandon says yeah but this is a long term fix . We need to suffer for the next 20 years so we can migrate to a wind and solar energy environment. Meanwhile China is building 30 coal based electricity plants
And actually I was referencing George Washington, who was quoted as telling The King to keep his hands out of his pocket
But the George Bush economic problems stemmed from the Mortgage crisis , not from any Tax policy . That George was clear .
His tax policy was designed to put money back into the pockets of American citizens. Meanwhile the ones who complain about those tax cuts are those who pay little or no taxes ! Obama acolytes! Personally I think that there should be a requirement that people actually pay income taxes before they are eligible to vote in federal elections.
And cutting taxes are never the problem, particularly when it’s personal taxes . It merely allowing people to keep their own money .
Spending is the problem . Giving money away to folks who aren’t working .
But bottom line your claim that the inflation rate in Europe is similar to our rate is simply false . We are close to 40% higher .
Sounds like you just asked to bring back poll taxes. If I'm wrong please tell me how I misunderstood you. If not...bruh...come. on.
"You keep referencing world wide rates but no facts". Here is a fact- Inflation in the eurozone soared to a new record high in January. The figure hit 5.1% last month, a first since the official Eurostat agency started to compile data in 1997. Inflation had already hit a record in December. I realize those rates are not as high as ours and never claimed otherwise. You act as if rates are only rising in the U.S. in order to blame Biden. It's a GLOBAL pandemic not just a U.S. pandemic!
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Well it’s not a poll tax per set . But..
Why should people who pay nothing get to vote to increase taxes on people who pay something? What skin do they have in the game ? It’s incongruous to me . In the past there was a hesitation by most people to increase taxes on wealthy folks ..
no longer . Now it’s this ridiculous concept of “ pay your fair share “ Well , tell me what share the people who pay no taxes pay ?
Now we have. these proposals where tax credits are paid when no taxes are payable. How can you credit zero ?
The country was founded on the principle of life Liberty and the pursuit and maintenance of wealth ( the original language by Hancock in early drafts of the DOI )
Now the federals think that individual wealth is subject to confiscation. And allowing those who pay nothing to assist in the confiscation is tantamount to theft .
Put in a National sales tax and watch everybody scream about excessive taxes , not just the actual income tax payers .
Well at least you admit that our rate of inflation is far greater than the European rate . Progress
But they are not without blame either . They are a spendthrift group . Except for Germany. Germany is conservative fiscally. That’s why their rate is about half of ours ! Half !
And you keep mentioning the pandemic. The pandemic which Brandon promised to stop ? The one that resulted in 500,000 deaths on his watch ? The one he said Trump mishandled, when his death rate far exceeds Trumps ? Notice he doesn’t carry that note pad in his wallet with the deaths anymore?
The pandemic had an effect on supply. True . But the policies employed exacerbated the problem. The democrats own this. Inflation in Europe is very bad . Inflation in the USA ? Disaster!
Dude we had a 90% top level marginal income tax during world war 2 and a 65-70% top marginal rate for the most prosperous and highest growth economic decades in the history the country.
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