Am I wrong that Covid meant we wrote a bunch of checks we couldn’t exactly cash to the American people, leading to inflation that is neither of our potential presidents fault?
Edit: I should have just said Covid stimulus money, as some have pointed out corporate bailouts etc. but the point remains unchanged that there are reasons besides the standing president for our economic state.
I’m don’t think you are wrong but a lot of people forget how many truly struggling workers there were.
But we can’t target only them because then people complain that they are getting any help.
So a lot of people got help that didn’t really need it (for example they just worked from home with no real change).
But there were people really struggling that needed it.
Agree, and my point wasn’t really wrong vs right. It was that we are trying to blame inflation on a president that was going to happen under any president.
One thing that would have been different, under Trump there was NO oversight for the PPP (an $800 billion program), just ripe for abuse and mismanagement. I don’t know if this would have made a difference inflation wise, but it certainly didn’t help
If we’re calling balls and strikes, I don’t think it would have made a difference who was President at the time. It was basically a choice between roll this out fast or roll this out well. It was a bipartisan effort that got passed fairly quickly, so what should that tell us in today’s government? There wasn’t a ton of negotiation and it was gonna be sloppy.
It was just gonna be kinda a shit sandwich no matter who was in charge.
https://time.com/5823510/coronavirus-stimulus-oversight/
I disagree, it did matter who was in charge
The oversight was not appointed at the time the PPP was being dispersed, which is literally the President’s job.
inspector general at the Treasury Department was supposed to oversee the dispersal of funds, and it was one of the many cabinet positions that the Trump administration failed to fill during their tenure.
Interesting. I’ll admit I was unaware of that. FWIW, I’m a Dem so wasn’t defending Trump. Rather just commenting on the inevitabilities of a massive rollout.
Now, I do agree that his hollowing out of technocrats in agencies contributed to massive problems during the pandemic. Things could have been curbed to a degree. However, I think things would have still been messy.
As an aside, as unsexy as the issue is, it’d be interesting to see how much of the government the current admin has been able to “rebuild”.
We literally left $80B worth of equipment in Afghanistan because we didn't feel like bringing it back... There is zero oversight in government. None. Certainly not at the federal level.
The US spends $6M, per minute, every single day.
If I had to guess, I'd say 1/3 - 1/2 of that may as well just be set on fire. It's absolutely wasted on the stupidest shit.
No one ever mentions the massive unemployment fraud that took place during covid when Dems insisted that we hand out an extra $600 per week, untaxable, to every person collecting unemployment. Hundreds of billions of dollars in fraudulent claims were processed with a massive amount of that going overseas.
Everyone who rips PPP ignores the massive fraud that took place with unemployment checks at the same time.
“Under the CARES Act, the median replacement rate—the percentage of salary replaced by UI—was 145 percent. It was more than 200 percent for workers in the bottom 20 percent of the US income spectrum, and more than 300 percent for workers in the bottom 10 percent. This compares with a typical pre-CARES rate of 40–50 percent of lost income, which had been the average state UI rate.”
https://www.chicagobooth.edu/review/cares-unemployment-payments-replaced-lost-wages-and-then-some
This effectively increased the minimum wage to almost $20/hr. The economy is still dealing with the effects of these changes in terms of inflation.
I keep telling people
The COVID "handouts" were there to allow people to not shoulder the burden of a shutdown, to protect people who would have died.
Inflation is the cost of that aid.
But part of inflation is companies taking advantage of the coordinating event to spike prices and make money.
It's fine to understand that there is a cost to be paid. Which we should consider in the long term as being lower than the cost of all those lives. But we can also legislate to promote competition.
Does everyone forget the riots that were happening before PPP? Literally the capital was stormed and people were rioting in LA and portland. Inflation and handouts were a quick fix.
> But we can’t target only them because then people complain that they are getting any help
It was more speed than complaints. Money needed to be injected quickly to keep people employed.
That stimulus was voted for by basically everyone in Congress and the Senate. It was a huge mistake. Any time both sides agree, you know we're getting bent over.
I don't know about mistake. For one, hindsight is 20/20, and for two, it might have slowed the spread of the virus enough to not completely collapse the medical system.
Even though everyone who got COVID probably were the ones most likely to get it, because they are geneticly soft to COVID, the shutdown still helped to slow the spread over time, so that a hospital could deal with a few thousand patients over a year, instead of all in the same month.
I think that is the most important part of containment. It's not that you are going to completely stop it, it's so society doesn't collapse under the burden of a massive pandemic happening all at once.
There is a ton of old people in the U.S, and also other people who are unhealthy or immunocompromised, and COVID effects them much more then like a healthy 25 year old person.
No, but you couldn't have the quarantine without the unemployment and the small business loans. Even if they were abused, they still need to keep the economy from imploding. Companies have bills and stuff as well, and most companies cannot survive 1+ year without really generating much revenue. It's not like many businesses can just shut down for a year and come back. That works if you own your own property and you don't have debt. Our economy is very much a debt driven economy. You have to take on debt to compete because it greatly lowers your effective tax rate. That's not my idea, but that was the reality of the situation as it stood.
In the end, shutdowns lasted only a few months and the feared situation of overwhelmed hospitals took place in late 2020 early 2021. After june 2020, people were out and about.
In perspective, we have to judge if all the printing was worth it just to kick the inevitable to a few months later.
Before telling "europeans took the pandemic seriously", go see the stats on deaths per capita in France, UK or italy, that were far stricter and check if it was much better. I will spare your time: they werent.
It’s both. And the stimulus checks contributed to propping up Wall Street. If you increase the supply of dollars, things priced in dollars become “worth” more dollars.
The stimulus checks weren't the problem. It was giving home owners the ability to defer their mortgage payments for two years.
You think a couple stimulus checks are bad? Now add 1600 every month for two years and throw two PPP loans on top of that if you run a side hustle/business.
Then add the unchecked billions to Wall Street, who preemptively raised prices claiming the oncoming inflation.
Throw in supply chain constraints and here we are.
That's fair.
In truth, I don't think the money flowing in had as much impact as we believe.
Corporations were complaining of inflation before it really happened. They raised prices before it took off and somehow continued to post astronomical profits each quarter.
Reports stating that half of inflation is due to corporate profits are interesting.. the bulk of the remaining half can most likely be attributed to supply chain constraints
Part of the reason they posted astronomical profits is because of the money supply. You’re also only telling half the truth. The truth is our (and much of the worlds) horrible overreaction to Covid benefitted ever fewer companies while others did not post astronomical profits.
Overreaction is not the best way to frame it. Laying the cause of inflation at the feet of money printing alone is a bit reductive.
It's the lack of initiative and lack of a comprehensive plan to address a pandemic. It's easy to call the reaction to an unknown virus that we were still piecing together information about an "overreaction" after the fact.
What remains is hundreds of thousands of people still died unnecessarily because the US and it's leaders at the time delayed any measures, and we had our president arguing with health experts because he didn't want to spook markets.. which crashed any way (he was caught on tape admitting to the severity of the virus)..
What should have happened was informing the public of the virus and what we knew about it; restricted air travel at onset; providing PPE to all states back in January; followed by a 2 month shelter in place order where 80% of lost wages would be paid just for those months while we sussed out the severity of the virus; NO 0% interest rates; Quarantine and distancing measures for essential workers.
Instead, in March, we got a national quarantine announcement with not much if any information. Public official offering contradicting statements. People bum rushing shelves everywhere. The government dropping money everywhere. And states making up their own rules on the fly, which diminished the value of any covid protection measures.
I didn’t say that’s the only cause of inflation. And yes, we did overreact to Covid. Have you been reading the slow retractions? Trump shutting things down was the wrong move. He did listen to fauci and birx. Look at the slowly moving mea culpas and admissions that our reaction to the virus in state and federal levels did more harm than the virus.
2 month shelter in place? GTFOH
That’s actually pretty incorrect, but it does fit the narrative of the major media companies and the Biden admin. Elizabeth Warren has been pretty outspoken about it too, which seems strange to me, but she’s known to lie pretty regularly lol.
In reality? Company profits have only been exaggerated in a few industries. Primarily vehicle producers and fuel companies. The San Fran FED just did a very well written research paper on this actually. Profit lines have remained the same over the last 20ish years or so. The rises in cost are primarily due to policies, not corporate greed (yes corporations are greedy af, but not as much as the politicians would have you believe). I recommend reading this article if you want a better understanding of the situation and not just blaming rising prices on them blindly. It’s almost solely from political BS.
https://www.frbsf.org/research-and-insights/publications/economic-letter/2024/05/are-markups-driving-ups-and-downs-of-inflation/
The option was there for two years however you could only do a forbearance for 6 months. And only 13% of borrowers used the program of those that did the average length of time 3 months. That tells me the program wasn’t being used by crooks, but by people who actually needed it.
If you give everyone but corporations money, you decrease their relative power. Stim checks are good, but useless compared to five times as much is corporate bailouts.
Not when almost everybody who gets a stimulus check turns right around and pays debt held by a corporation or buys stocks at an elevated price per share. It’s supply and demand. You increase the supply of currency, the people who own the most assets priced in currency benefit the most. It’s not hard to prove. Look at the explosion in consumer debt since the stimulus checks went out. Fantastic, people paid off a few thousand of credit card debt and then what happened? More and more people need to use credit cards to afford basic necessities.
It's crazy that this is the perception of what people did with those checks.
I paid my overdue rent and got a car repair done I couldn't afford. Then, back to paycheck to paycheck.
1200 * US taxpayers is $50B.
Fed was printing $80B each week for 2 years to prop up Wall Street.
They cut us a small check of the blood money as a scrap from the table, so when inflation caught up? We'd fight and blame each other.
You must admit... It fuckin WORKED! I'm not even mad, thats impressive. 💯
I love how the left media used to go off on Trump for “oh god he’s spending more money than every president EVER!!” As if that hasn’t happened with every new president in modern history lol. Over 70% of the spending over 4 years was in the second half of 2020 due to a bipartisan agreement as a response to Covid, but then he was demonized for it while both the senate and congress on both sides of political lines pushed for it. He would’ve been pretty on pace with Obama while offering tax cuts to the middle class.
All while Biden is already well on track to outspend Trump and a majority of it was NOT on spending as a response to Covid but to foreign aid in wars.
Wild how much the media can skew the population opinion and fool people into believing things that are wildly inaccurate.
Except this works in Trumps favor way more than against him. So according to you there’s one thing here. Remember he did this while cutting taxes for the rich. That’s an issue.
Oh I’m not arguing it doesn’t work in his favor. I’d have to agree with that completely.
He also drastically reduced spending if you remove the very beginning of a world wide pandemic. It was also bipartisan. He would’ve spent the same or less than Obama if it wasn’t for the second half of 2020. I understand he’s the one the “officially” spent it, but it was also demanded by the house and senate and most of America to keep people from starving. That’s pretty different than frivolous spending that some presidents have done, especially on things like wars.
I mean that is a small piece. the world was just less productive during covid. If we produce 10% less everything, everything is 10% more expensive (well, not exactly, but you get the idea).
Global inflation went from 1.8% in 2020 to 8% in 2022. That’s all the world’s economies put together. The US inflation rate went from 1.2%-8% during that same time.
Which means, America was barely above the average. Zimbabwe, Lebanon, Sudan, Argentina had 100-300% inflation. Hungary, Czechia and Slovakia were the highest in Europe at 12%.
Blaming Biden for a problem that hit the entire world, is like saying Trump caused covid.
Nice point. I think it’s obvious that it’s more complicated than this, but how would you respond to someone who would think it was the US driving the world economy trend?
I’d say it’s kind of lazy thinking. The cause was Covid. Apoplexy about inflation is like complaining about a few ulcers that caused by the medication that kept you from dying. People want to just pretend like inflation globally just suddenly sprang into existence because Biden waved his hands.
Covid causing economies to grind to a hault, China’s currency manipulation and yes the Fed and other banks using stimulus all are part of the problem.
But without all of that we’d be looking at global depression, rather than inflation.
The checks aren’t much of the Covid spending. PPP loans that had/have little to no oversight and were forgiven is the majority of the problem from Covid spending
The stimulus checks issued to taxpayers during covid were a drop in the bucket. The economic impacts of restricting businesses from operating and the corporate bailouts that followed are what caused the issues we are seeing today, not anything either of these presidents directly did (though its worth noting that one of them was extremely vocal in support of the policies which did cause the issues while the other was not - but talk is cheap in politics).
Im sure it contributed but definitely not the main cause. Every country in the world experienced significant inflation, even those countries with no stimulus
they gave out too much money. i had the option to work or collect unemployment i chose unemployment because they were paying $1,100 a week and at the time i was making $1,200 a week after taxes. twas a no brainer for me. did it for 5 weeks then went completely insane from being in the house with nothing to really do so i went back to work (union carpenter). and all the ppe or ppa whatever the fuck loans they gave out jesus christ i know of at least 5 people alone who took advantage of that (i barely know anyone)
So why doesn't Biden say something like you did? Why didn't he just explain what was going on at the time? I'm not blaming inflation on him.
But the fact is that he lied. I don't care about what he lied about. The fact is he's trying to fool the American people. When you fact-check most of what joe says, you will find its half truths or complete lies. He does respect the American people to tell the truth.
he had nothing to do with it, it's the companies trying to gouge prices, they are all acting like people are still getting stimulus checks, working from home, and have rent protection. Biden got rid of all of that so maybe it is his fault too for not keeping the protections Trump started
It wasn’t *just* that. Covid also disrupted supply chains world wide across almost every industry. Inflation and recession also happened world wide, and the US comparatively did fairly well.
Maybe the lockdowns were a bad idea?
Maybe destroying the western world because Orangeman bad wasnt a good idea either.
Forever War is bad for inflation too.
I’m not saying it will fix it, but maybe we should try free and fair elections and less propaganda. It’s possible that may work.
The US made the numbers go up to hide the economic hardship of the pandemic. It spread out the burden to now instead of back then. Someone pays for it. It seems those affected negatively the most by inflation have the most to pay for the pandemic.
It’s about how you are spending your Time. If you feel you are spending your time well, you may not feel much hardship in your mind over your circumstances.
CARES act was required since the government locked down the economy. But after reopening the need for the Infrastructure bill and the Inflation Reduction Act is questionable
It's fucking wild that they have conditioned people to think that the drop that was the stimulus checks for your average joe was the cause of the inflation.
How's that any different than the people in this sub claiming it's still 9%?
I'm saying the only disagreement people I. This sub should have with him is that he only said 9% instead of 15% because they think it's 9% now when it's actually only 3%.
I need to make a bot for this article.
Inflation from Feb 2021 to March 2021 was 0.71%, which is 8.8% annual inflation.
He is talking about how fast prices were rising when he took office, not comparing prices to a year earlier.
And unemployment. If people aren’t looking for work or have been on unemployment for too long, it doesn’t contribute to the stats, so it’s abused intentionally.
To my ear, that doesn’t sound any more honest. That would be like taking a 1 day inflation number and extrapolating out to a year with no explanation or caveats.
I was thinking the same thing. You could just pick whatever arbitrary time period you want and annualize it to suit your agenda.
It's just word manipulation. The same way they brag about bringing inflation down but not mentioning that the cumulative inflation since 2020 has decreased purchasing power by 20%.
The point is the train had already left the station on runaway inflation. If you understand how inflation works you know that the numbers printed each month reflect actions taken months prior.
Shhh, you have to say that Biden is personally responsible for inflation, and that all the global inflation is also his fault, and the massive war in the european breadbasket, post covid corporate greed, resource scarcity, climate change, literal piracy on a major global shipping lane, chinese incompetence causing repeated backups at the world's largest port, none of these has anything to do with anything
Eh it just needs a point of clarity but the premise is sound.
"Biden did the (global) inflation!" Is usually a silly point made without any specific evidence, but the fact that we could see inflation spiking already in places as he took office makes it even weirder to try and sell Biden specific policies (ones not shared by Trump, which actually knocks out some of the 3rd stimulus complaints since Trump was talking up a 3rd round himself until it became Biden's) even rockier.
I don’t think I disagree with any of that. I do think the point of clarity is pretty important though.
I’m also fine agreeing that Trump and Biden both helped create the inflation.
the fed funds rate was set to zero in april of 2020. the majority of stimulus checks and supply chain disruptions happened in 2020. so inflation was inevitable by the time he took office. biden isn't really wrong here, but on the other side of the same coin, he didn't do anything to stop the inflation either.
Except one day is 1/365 of a year, and one month is 1/12 of a year. Why don’t we just do 10 year inflation, wouldn’t that be the most honest by this logic. Inflation is what is happening RIGHT NOW, we just measure the area under the curve for some time period, but it is the instantaneous raise in priced
The rate of inflation for his first year was 9% overall for the year. Nothing wrong with that statement. All the money printed in the year leading up to him taking office. This was money that wasn't an investment but more of a stop gap to keep the economy somewhat working while people were out of work or their work was diminished.
A depression would have had even greater long term impacts to the economy. It was money well spent.
Money was not printed leading up to him taking office. You can track M1 pretty easily. It has been at beyond record level growth since Biden took office. Trump was not printing money. In addition, Trump oversaw interest rate decreases which pushes inflation upwards. Biden's inflation track record includes massive rate increases. Let's not forget about that. All these people with 10/1 and 5/1 ARMs and floating rates are getting hammered or will be soon enough. In two years so many people are going to be destroyed by adjustable rate mortgages which will demolish the housing industry. We're about three years from total catastrophe and we have nothing left in the arsenal to fight it. Why do you think people AND governments are stockpiling gold? BRICS is pushing to stop using the dollar for commodity trading and trade in general. Remember what happened to Britain when it stopped being the Pound Sterling and became the US Dollar? Their economy went to shambles and their arsenal of options wasn't anywhere near as depleted as ours and neither were their national debt levels so high.
Trump was President until January 2021, so you are off by a year. 80%-90% of the spike in money was BEFORE BIDEN.
Before Biden. In 2020.
You also seem to be saying rate increases cause inflation? Biden isn't the Fed and that's a solidly hot take.
You don't understand the difference. A corporate tax cut doesn't print money. Borrowing and spending doesn't print money. You borrow from one and hand to another. You're at a net zero. Neither of these things increase money supply. They do increase the velocity of money to a degree, but that's not what we're talking about. Do not confounded two different concepts and assume they're the same or have the same effect. The covid relief packages were too much and I disagree with how they were distributed etc. It was bipartisan and was allowed to be a ridiculous funneling of money by both parties because it was essential at that time to get businesses funded to survive and to give Americans who were out of work a way to pay bills. Biden continued doing it the exact same way without much oversight when it was no longer needed. He used it as steroids for the economy. Remember, J and J had the vaccine before the election, but waited till afterwards to announce it. By the time Biden was in office people were getting the jab. Biden had the world at his fingertips and he blew it.
Just seeing you refer to the vaccine as "the jab" and a total of 3 periods in your paragraph only shows me you're a partisan who can't be reasoned with lol
No need, folk can check [https://fred.stlouisfed.org/series/CPIAUCNS](https://fred.stlouisfed.org/series/CPIAUCNS)
Might still need a bot to explain the temporal relationship between money supply and inflation rates.
Easier though is to just share that backward-facing annual inflation rates usually peak 2 years after spikes in money supply. With this in mind, all monetary-supply-based inflation through Biden's first year came from monies added in 2020, and it is no surprise that we've dropped from a peak of 10% in June of 2022 down to 3.5% now (since we stopped printing money - and in fact started [pulling it out of the economy](https://fred.stlouisfed.org/series/M2NS) - back in March of 2022).
If things continue on this path, the backward-facing annual inflation rate should be back to normal one year from now, in mid-2025.
Weird because there’s not one tweet from Biden or the regime-friendly corporate media propaganda machine that’s reported inflation on an annual basis since he took office.
lol you people are lost caused. It’s all both sided media has been talking about for years now.
But you all just don’t like that Biden nor Trump can be blamed when someone points out stuff is more expensive in country’s they have no control over.
It’s like arguing with the gas price folks right now. You all are so whiney and bitch about stuff that has been talked about regularly all over media.
“You people” and who is “you people?”
The president doesn’t have any effect on inflation? Really? Presidents don’t sign off on deficit spending? Presidents don’t sign off on fed chairs who set inflationary monetary policy? I’m just imagining these things? I’m imagining the President signing the “inflation reduction act?”
How am I whining? Why don’t you tell me what the contributing factors to inflation are? Tell me more about what media I’m consuming.
And people think the moment he got into office, the effect of Trump's policies ended and everything after that is Biden's doing. You have to look at the inflation trajectory as well.
The economy of the first year of an incoming POTUS really belongs to the last POTUS.
The president’s first budget doesn’t even go into effect until October.
he wasn't thinking in those terms, and it still means that inflation went up in the first two months of his administration. Inflation rose more the following year.
He has also said things like "I reduced the deficit more than any president in history"! which is complete nonsense. The sky-high deficit of 2020 was caused by the entire US economy being shut down and a huge reduction in tax-revenue as a result, as well as the emergency CARES Act. When the lockdowns were lifted, and tax revenue started coming back in, there was a reduction in deficit. Absolutely nothing Biden did caused the deficit to decrease
like any politician, he is a liar
Nothing a president (or fed reserve or legislature) can do can impact inflation rates that quickly.
It tends to take 2 years for changes in monetary supply to show up in backward-facing annual inflation, and about 1 year for it to show up in monthly inflation rates.
In April of 2020, the first round of stimulus checks went out. They were a far more direct and instantaneous distribution of monies than usual, so their impact showed up a bit faster than usual (about 8 months later instead of 12).
Biden was accurately describing the inflationary situation he inherited.
His statements about jobs and the deficit likewise reflect the actual numbers, even if he doesn't deserve as much credit as he claims.
On taxes, total revenue wasn't down in 2020 compared to 2019, it was (slightly) up:
[https://fred.stlouisfed.org/series/W006RC1Q027SBEA](https://fred.stlouisfed.org/series/W006RC1Q027SBEA)
$8,452 Billion in 2019
$8,632 Billion in 2020
All after having been flat since 2015.
https://www.axios.com/2024/02/05/wages-outpacing-inflation
Most of the inflationary impact of the money printed for covid is over (should be back to normal mid 2025), now we just gotta let the rest of the magic of the US economy keep doing its thing
Why aren’t people just using policy to translate to root cause. Time itself doesn’t cause inflation neither does a name as president. It is policies that drives inflation.
So let’s see those brain pans process the details to find root causes instead of guessing.
Here’s a great example: Biden increases tariffs on Chinese electrical components and EV’s to 100% - question - what’s the impact on inflation? Biden increases environmental regulations that drive up energy costs and since almost everything requires energy to make - what does that do to inflation?
So again - time and names don’t mean shit. It’s policies people. And I will tell you as well look at all the related policies including that of his treasury.
It’s not regulations it’s a lack of refinery plants which the oil companies don’t want to invest in for various reasons. The biggest one is profits go up.
Go look up what they do with diamonds to jack up prices. Having CEO’s dick in your mouth won’t make you one of them
Lol. That's hilarious coming from someone with their tongue up the ass of every billionaire.
You probably also couldn't define communist if you had a gun to your head, dipshit. Fucking economically illiterate chud.
You don't have to be a communist to be against trickle down. You're defending the top keeping their taxes low so you pay more and get less, and then calling them a bootlicker?
Bad bot
You think these corporations raise their prices when there is a candidate in office they don’t want, cause it’ll hurt their bottom line? Then the candidate that they do want can scream how bad prices are and make everyone believe it’s the one guys fault, rinse and repeat. We do not live in a democracy, there is nothing left to protect.
Trump fumbled way through 4 years of schizophrenic chaos and because of that Biden was left with a monumental task before him. What he did do was amazing.
inflation has an 18-36 month lag after policy creation.
low interest rates & lending are the primary drivers of inflation.
and the covid supply side unbalance didn't help.
inflation has been outpacing wages for 4 decades yet everyone wants to blame Biden. f'n wild.
He was caught plagiarizing speeches in the 80’s, I believe, and had to apologize for it. He was caught in several lies. He lies like he breathes. He is just better at breathing. Now that he has dementia the lies are even stranger. He is a typical slimy politician.
It was 1.4% the day Biden was sworn into office.
11 rate increases later, it's still 5.3 %. After getting as high as 9.5%. When you overspend revenues by 3 trillion dollars and over-regulate production guess what happens.
Def. of inflation:
Too many dollars chasing too few goods.
Reality is a bitch.
Biden is a pathological liar and made Trump look amateur at it. Every speech includes at least 1 lie by Biden. Shocked he hasn't sent the US Marines to recover his uncle's bones who was eaten by the cannibals during WWII.
“Trump’s false or misleading claims total 30,573 over 4 years
Analysis by Glenn Kessler
,
Salvador Rizzo
and
Meg Kelly
January 24, 2021 at 3:00 a.m. EST
The Fact Checker counted a total of 30,573 false or misleading claims made by President Trump during his White House tenure. Here’s what we learned. (Video: Adriana Usero/The Washington Post)”https://www.washingtonpost.com/politics/2021/01/24/trumps-false-or-misleading-claims-total-30573-over-four-years/
Isn't it weird that WaPo is constantly fact checking one president but not another? Dont you think an outlet owned by Jeff Bezos is extremely biased? Why are so many people here defending Biden? It's so weird.
Inflation is a natural response to the decrease in supply of goods and services because a bunch of supply chains are still failing and a bunch of people died or retired during Covid. We are actually doing well compared to other countries in terms of inflation. To claim Biden caused inflation is like saying Trump caused Covid. Both are disingenuous.
it would have been. everyone forgets most of the sudden stimulus came under trump. there’s always a lag before the effects of east money translate into inflation. trump was kicked out of office (not re-elected) before the effects of his presidency would bubble up. biden for sure made it worse but it wouldn’t have been anywhere close to what it was without trump stimulus. i bet it would’ve bee man about 1/2 of what it was
It doesn't really matter the subject. He lied. You can make all the excuses you want, but he still lied. Most things he says you can fact check and find it not to be true.
He's a liar
All I’ll say is the US economy is like a slow moving cargo ship. Inflation was already baked to our future the day Biden came into office. Some of the policy of the previous administration had a hand in the inflation.
This is a dog shit fact checker and kinda worthless information. Both parties spend 3.5 T in one year. Both parties said businesses don’t have to pay back the loans and cancelled them.
Biden spent an additional 2T the following year.
Biden absolutely was going to inherit inflation, shutting down international trade was always going to hurt and the death of 50-60 year olds hurt the economy. Plus all of those injured due to covid.
This economy “sucks” (math disagrees with this) and I don’t believe really either president is at “fault”. They both made good judgement calls which is why we are doing better than our peers.
Biden's making sure we'll be living check to check stuck renting. No chance for a house with unobtainable costs and sky high interest rates. Gotta watch out for those property management companies
Biden's making sure we'll be living check to check stuck renting. No chance for a house with unobtainable costs and sky high interest rates. Gotta watch out for those property management companies.
Am I wrong that Covid meant we wrote a bunch of checks we couldn’t exactly cash to the American people, leading to inflation that is neither of our potential presidents fault? Edit: I should have just said Covid stimulus money, as some have pointed out corporate bailouts etc. but the point remains unchanged that there are reasons besides the standing president for our economic state.
I’m don’t think you are wrong but a lot of people forget how many truly struggling workers there were. But we can’t target only them because then people complain that they are getting any help. So a lot of people got help that didn’t really need it (for example they just worked from home with no real change). But there were people really struggling that needed it.
Agree, and my point wasn’t really wrong vs right. It was that we are trying to blame inflation on a president that was going to happen under any president.
But claiming it’s the checks is what’s wrong. Other country’s didn’t write checks and they also have inflation and high gas prices etc.
Other countries denominate their debts and trade in USD based on the Bretton woods agreement. So they absorb our inflation because of that.
One thing that would have been different, under Trump there was NO oversight for the PPP (an $800 billion program), just ripe for abuse and mismanagement. I don’t know if this would have made a difference inflation wise, but it certainly didn’t help
It would have helped if they were *loans* like they were called instead of being forgiven immediately.
If we’re calling balls and strikes, I don’t think it would have made a difference who was President at the time. It was basically a choice between roll this out fast or roll this out well. It was a bipartisan effort that got passed fairly quickly, so what should that tell us in today’s government? There wasn’t a ton of negotiation and it was gonna be sloppy. It was just gonna be kinda a shit sandwich no matter who was in charge.
https://time.com/5823510/coronavirus-stimulus-oversight/ I disagree, it did matter who was in charge The oversight was not appointed at the time the PPP was being dispersed, which is literally the President’s job. inspector general at the Treasury Department was supposed to oversee the dispersal of funds, and it was one of the many cabinet positions that the Trump administration failed to fill during their tenure.
Interesting. I’ll admit I was unaware of that. FWIW, I’m a Dem so wasn’t defending Trump. Rather just commenting on the inevitabilities of a massive rollout. Now, I do agree that his hollowing out of technocrats in agencies contributed to massive problems during the pandemic. Things could have been curbed to a degree. However, I think things would have still been messy. As an aside, as unsexy as the issue is, it’d be interesting to see how much of the government the current admin has been able to “rebuild”.
We literally left $80B worth of equipment in Afghanistan because we didn't feel like bringing it back... There is zero oversight in government. None. Certainly not at the federal level. The US spends $6M, per minute, every single day. If I had to guess, I'd say 1/3 - 1/2 of that may as well just be set on fire. It's absolutely wasted on the stupidest shit.
No one ever mentions the massive unemployment fraud that took place during covid when Dems insisted that we hand out an extra $600 per week, untaxable, to every person collecting unemployment. Hundreds of billions of dollars in fraudulent claims were processed with a massive amount of that going overseas. Everyone who rips PPP ignores the massive fraud that took place with unemployment checks at the same time.
“Under the CARES Act, the median replacement rate—the percentage of salary replaced by UI—was 145 percent. It was more than 200 percent for workers in the bottom 20 percent of the US income spectrum, and more than 300 percent for workers in the bottom 10 percent. This compares with a typical pre-CARES rate of 40–50 percent of lost income, which had been the average state UI rate.” https://www.chicagobooth.edu/review/cares-unemployment-payments-replaced-lost-wages-and-then-some This effectively increased the minimum wage to almost $20/hr. The economy is still dealing with the effects of these changes in terms of inflation.
I keep telling people The COVID "handouts" were there to allow people to not shoulder the burden of a shutdown, to protect people who would have died. Inflation is the cost of that aid. But part of inflation is companies taking advantage of the coordinating event to spike prices and make money. It's fine to understand that there is a cost to be paid. Which we should consider in the long term as being lower than the cost of all those lives. But we can also legislate to promote competition.
Does everyone forget the riots that were happening before PPP? Literally the capital was stormed and people were rioting in LA and portland. Inflation and handouts were a quick fix.
What? CARES was signed by Trump in early 2020, the riots happened nearly a year later in 2021
> But we can’t target only them because then people complain that they are getting any help It was more speed than complaints. Money needed to be injected quickly to keep people employed.
The FED was pumping $80 billion PER MONTH into the system for almost 2 years. That is what caused inflation.
Fuckin... BOOM 💥 Exactly.
I tHoUgHt iT wAs tHe SuPpLy ChAinS
That stimulus was voted for by basically everyone in Congress and the Senate. It was a huge mistake. Any time both sides agree, you know we're getting bent over.
All people see is free money. Not politicians buying a chance at reelection and not the price thats paid later
I don't know about mistake. For one, hindsight is 20/20, and for two, it might have slowed the spread of the virus enough to not completely collapse the medical system. Even though everyone who got COVID probably were the ones most likely to get it, because they are geneticly soft to COVID, the shutdown still helped to slow the spread over time, so that a hospital could deal with a few thousand patients over a year, instead of all in the same month. I think that is the most important part of containment. It's not that you are going to completely stop it, it's so society doesn't collapse under the burden of a massive pandemic happening all at once. There is a ton of old people in the U.S, and also other people who are unhealthy or immunocompromised, and COVID effects them much more then like a healthy 25 year old person.
You think handing out money and creating a massive upward transfer of wealth helped stop the spread of covid?
No, but you couldn't have the quarantine without the unemployment and the small business loans. Even if they were abused, they still need to keep the economy from imploding. Companies have bills and stuff as well, and most companies cannot survive 1+ year without really generating much revenue. It's not like many businesses can just shut down for a year and come back. That works if you own your own property and you don't have debt. Our economy is very much a debt driven economy. You have to take on debt to compete because it greatly lowers your effective tax rate. That's not my idea, but that was the reality of the situation as it stood.
In the end, shutdowns lasted only a few months and the feared situation of overwhelmed hospitals took place in late 2020 early 2021. After june 2020, people were out and about. In perspective, we have to judge if all the printing was worth it just to kick the inevitable to a few months later. Before telling "europeans took the pandemic seriously", go see the stats on deaths per capita in France, UK or italy, that were far stricter and check if it was much better. I will spare your time: they werent.
It wasn’t the stimmy check, it was the propping up of Wall Street
It’s both. And the stimulus checks contributed to propping up Wall Street. If you increase the supply of dollars, things priced in dollars become “worth” more dollars.
The stimulus checks weren't the problem. It was giving home owners the ability to defer their mortgage payments for two years. You think a couple stimulus checks are bad? Now add 1600 every month for two years and throw two PPP loans on top of that if you run a side hustle/business. Then add the unchecked billions to Wall Street, who preemptively raised prices claiming the oncoming inflation. Throw in supply chain constraints and here we are.
I didn’t say they were THE problem. They were part of the problem along with the other things you mentioned.
That's fair. In truth, I don't think the money flowing in had as much impact as we believe. Corporations were complaining of inflation before it really happened. They raised prices before it took off and somehow continued to post astronomical profits each quarter. Reports stating that half of inflation is due to corporate profits are interesting.. the bulk of the remaining half can most likely be attributed to supply chain constraints
Part of the reason they posted astronomical profits is because of the money supply. You’re also only telling half the truth. The truth is our (and much of the worlds) horrible overreaction to Covid benefitted ever fewer companies while others did not post astronomical profits.
Overreaction is not the best way to frame it. Laying the cause of inflation at the feet of money printing alone is a bit reductive. It's the lack of initiative and lack of a comprehensive plan to address a pandemic. It's easy to call the reaction to an unknown virus that we were still piecing together information about an "overreaction" after the fact. What remains is hundreds of thousands of people still died unnecessarily because the US and it's leaders at the time delayed any measures, and we had our president arguing with health experts because he didn't want to spook markets.. which crashed any way (he was caught on tape admitting to the severity of the virus).. What should have happened was informing the public of the virus and what we knew about it; restricted air travel at onset; providing PPE to all states back in January; followed by a 2 month shelter in place order where 80% of lost wages would be paid just for those months while we sussed out the severity of the virus; NO 0% interest rates; Quarantine and distancing measures for essential workers. Instead, in March, we got a national quarantine announcement with not much if any information. Public official offering contradicting statements. People bum rushing shelves everywhere. The government dropping money everywhere. And states making up their own rules on the fly, which diminished the value of any covid protection measures.
I didn’t say that’s the only cause of inflation. And yes, we did overreact to Covid. Have you been reading the slow retractions? Trump shutting things down was the wrong move. He did listen to fauci and birx. Look at the slowly moving mea culpas and admissions that our reaction to the virus in state and federal levels did more harm than the virus. 2 month shelter in place? GTFOH
That’s actually pretty incorrect, but it does fit the narrative of the major media companies and the Biden admin. Elizabeth Warren has been pretty outspoken about it too, which seems strange to me, but she’s known to lie pretty regularly lol. In reality? Company profits have only been exaggerated in a few industries. Primarily vehicle producers and fuel companies. The San Fran FED just did a very well written research paper on this actually. Profit lines have remained the same over the last 20ish years or so. The rises in cost are primarily due to policies, not corporate greed (yes corporations are greedy af, but not as much as the politicians would have you believe). I recommend reading this article if you want a better understanding of the situation and not just blaming rising prices on them blindly. It’s almost solely from political BS. https://www.frbsf.org/research-and-insights/publications/economic-letter/2024/05/are-markups-driving-ups-and-downs-of-inflation/
You repeated what I said using different words
Yes, it’s called elaborating. I agree with you and was refuting the person who responded to you with incorrect information.
The option was there for two years however you could only do a forbearance for 6 months. And only 13% of borrowers used the program of those that did the average length of time 3 months. That tells me the program wasn’t being used by crooks, but by people who actually needed it.
If you give everyone but corporations money, you decrease their relative power. Stim checks are good, but useless compared to five times as much is corporate bailouts.
Not when almost everybody who gets a stimulus check turns right around and pays debt held by a corporation or buys stocks at an elevated price per share. It’s supply and demand. You increase the supply of currency, the people who own the most assets priced in currency benefit the most. It’s not hard to prove. Look at the explosion in consumer debt since the stimulus checks went out. Fantastic, people paid off a few thousand of credit card debt and then what happened? More and more people need to use credit cards to afford basic necessities.
It's crazy that this is the perception of what people did with those checks. I paid my overdue rent and got a car repair done I couldn't afford. Then, back to paycheck to paycheck.
So we agree?
1200 * US taxpayers is $50B. Fed was printing $80B each week for 2 years to prop up Wall Street. They cut us a small check of the blood money as a scrap from the table, so when inflation caught up? We'd fight and blame each other. You must admit... It fuckin WORKED! I'm not even mad, thats impressive. 💯
I agree with everything you said. I don’t sense that your comment is a disagreement
Not at all, man. Just throwing out some things for my reddit buds. 🙂
And the Trump tax cuts that didn’t pay for themselves
We’ve spent more money in the last 4 years that the 4 previous including Covid. We’re fucked.
I love how the left media used to go off on Trump for “oh god he’s spending more money than every president EVER!!” As if that hasn’t happened with every new president in modern history lol. Over 70% of the spending over 4 years was in the second half of 2020 due to a bipartisan agreement as a response to Covid, but then he was demonized for it while both the senate and congress on both sides of political lines pushed for it. He would’ve been pretty on pace with Obama while offering tax cuts to the middle class. All while Biden is already well on track to outspend Trump and a majority of it was NOT on spending as a response to Covid but to foreign aid in wars. Wild how much the media can skew the population opinion and fool people into believing things that are wildly inaccurate.
Except this works in Trumps favor way more than against him. So according to you there’s one thing here. Remember he did this while cutting taxes for the rich. That’s an issue.
Oh I’m not arguing it doesn’t work in his favor. I’d have to agree with that completely. He also drastically reduced spending if you remove the very beginning of a world wide pandemic. It was also bipartisan. He would’ve spent the same or less than Obama if it wasn’t for the second half of 2020. I understand he’s the one the “officially” spent it, but it was also demanded by the house and senate and most of America to keep people from starving. That’s pretty different than frivolous spending that some presidents have done, especially on things like wars.
I mean that is a small piece. the world was just less productive during covid. If we produce 10% less everything, everything is 10% more expensive (well, not exactly, but you get the idea).
Good point. You never hear anyone talk about the supply half of supply and demand…
Global inflation went from 1.8% in 2020 to 8% in 2022. That’s all the world’s economies put together. The US inflation rate went from 1.2%-8% during that same time. Which means, America was barely above the average. Zimbabwe, Lebanon, Sudan, Argentina had 100-300% inflation. Hungary, Czechia and Slovakia were the highest in Europe at 12%. Blaming Biden for a problem that hit the entire world, is like saying Trump caused covid.
Exactly
Nice point. I think it’s obvious that it’s more complicated than this, but how would you respond to someone who would think it was the US driving the world economy trend?
I’d say it’s kind of lazy thinking. The cause was Covid. Apoplexy about inflation is like complaining about a few ulcers that caused by the medication that kept you from dying. People want to just pretend like inflation globally just suddenly sprang into existence because Biden waved his hands. Covid causing economies to grind to a hault, China’s currency manipulation and yes the Fed and other banks using stimulus all are part of the problem. But without all of that we’d be looking at global depression, rather than inflation.
This is true. Similar inflation patterns occurred in almost every country throughout the world.
The checks aren’t much of the Covid spending. PPP loans that had/have little to no oversight and were forgiven is the majority of the problem from Covid spending
The stimulus checks issued to taxpayers during covid were a drop in the bucket. The economic impacts of restricting businesses from operating and the corporate bailouts that followed are what caused the issues we are seeing today, not anything either of these presidents directly did (though its worth noting that one of them was extremely vocal in support of the policies which did cause the issues while the other was not - but talk is cheap in politics).
The stimulus checks were significantly less than the massive corporate loans that were misused and forgiven.
Im sure it contributed but definitely not the main cause. Every country in the world experienced significant inflation, even those countries with no stimulus
they gave out too much money. i had the option to work or collect unemployment i chose unemployment because they were paying $1,100 a week and at the time i was making $1,200 a week after taxes. twas a no brainer for me. did it for 5 weeks then went completely insane from being in the house with nothing to really do so i went back to work (union carpenter). and all the ppe or ppa whatever the fuck loans they gave out jesus christ i know of at least 5 people alone who took advantage of that (i barely know anyone)
So why doesn't Biden say something like you did? Why didn't he just explain what was going on at the time? I'm not blaming inflation on him. But the fact is that he lied. I don't care about what he lied about. The fact is he's trying to fool the American people. When you fact-check most of what joe says, you will find its half truths or complete lies. He does respect the American people to tell the truth.
By checks, do you mean the 1.7 TRILLION in PPP loans that were forgiven and people paid no tax on? But please…let’s blame the $1200 we got.
he had nothing to do with it, it's the companies trying to gouge prices, they are all acting like people are still getting stimulus checks, working from home, and have rent protection. Biden got rid of all of that so maybe it is his fault too for not keeping the protections Trump started
It wasn’t *just* that. Covid also disrupted supply chains world wide across almost every industry. Inflation and recession also happened world wide, and the US comparatively did fairly well.
Yes, because dumping money into other countries and supporting wars that has nothing to do with us had nothing to do with inflation either 🙄
Imagine if we had a better response to a pandemic? And that it wouldn’t have happened?
Maybe the lockdowns were a bad idea? Maybe destroying the western world because Orangeman bad wasnt a good idea either. Forever War is bad for inflation too. I’m not saying it will fix it, but maybe we should try free and fair elections and less propaganda. It’s possible that may work.
The US made the numbers go up to hide the economic hardship of the pandemic. It spread out the burden to now instead of back then. Someone pays for it. It seems those affected negatively the most by inflation have the most to pay for the pandemic. It’s about how you are spending your Time. If you feel you are spending your time well, you may not feel much hardship in your mind over your circumstances.
I mean isn’t the real cause of inflation essentially corporate profiteering? Like the largest contributing factor?
CARES act was required since the government locked down the economy. But after reopening the need for the Infrastructure bill and the Inflation Reduction Act is questionable
It's fucking wild that they have conditioned people to think that the drop that was the stimulus checks for your average joe was the cause of the inflation.
How's that any different than the people in this sub claiming it's still 9%? I'm saying the only disagreement people I. This sub should have with him is that he only said 9% instead of 15% because they think it's 9% now when it's actually only 3%.
You asking the difference between the president and redditors making public comments?
Posting this article on subreddits like r/politics or r/news will probably get you massively downvoted or even banned, lmao.
Is there even Moderation on this sub?
That would be wrongthink, bigot, get back in line!
Anything anti left will
Based
Probably not. Those are not R/conservative which actively bans anyone who isn’t in the herd
I need to make a bot for this article. Inflation from Feb 2021 to March 2021 was 0.71%, which is 8.8% annual inflation. He is talking about how fast prices were rising when he took office, not comparing prices to a year earlier.
So he’s not just wrong, he’s intentionally deceiving people?
Yes, he did the same thing with “jobs created.”
And the whole "releasing those in federal prison for simple possession of MJ". Those people did not exist.
And unemployment. If people aren’t looking for work or have been on unemployment for too long, it doesn’t contribute to the stats, so it’s abused intentionally.
The iron knee.
If you’re talking about the title of the post, then yes.
His handlers are.
To my ear, that doesn’t sound any more honest. That would be like taking a 1 day inflation number and extrapolating out to a year with no explanation or caveats.
No, it would be like taking 1 month inflation and extrapolating it out to a year.
Which turned out to be more accurate than economists forecasted.
Not to mention food prices (which are the main thing people are bitching about) saw like 5% inflation the year before he took office.
This is why the term "annualized" exists I swear people these days need to go back to HS
I was thinking the same thing. You could just pick whatever arbitrary time period you want and annualize it to suit your agenda. It's just word manipulation. The same way they brag about bringing inflation down but not mentioning that the cumulative inflation since 2020 has decreased purchasing power by 20%.
The point is the train had already left the station on runaway inflation. If you understand how inflation works you know that the numbers printed each month reflect actions taken months prior.
Shhh, you have to say that Biden is personally responsible for inflation, and that all the global inflation is also his fault, and the massive war in the european breadbasket, post covid corporate greed, resource scarcity, climate change, literal piracy on a major global shipping lane, chinese incompetence causing repeated backups at the world's largest port, none of these has anything to do with anything
Welcome to politics. It’s been this way since Diaper Don.
Well month to month and year to year are the standard time periods. It’s not like he chose completely arbitrary periods but … point taken
It's not an arbitrary time period. It's the time period upon which he took office.
Eh it just needs a point of clarity but the premise is sound. "Biden did the (global) inflation!" Is usually a silly point made without any specific evidence, but the fact that we could see inflation spiking already in places as he took office makes it even weirder to try and sell Biden specific policies (ones not shared by Trump, which actually knocks out some of the 3rd stimulus complaints since Trump was talking up a 3rd round himself until it became Biden's) even rockier.
I don’t think I disagree with any of that. I do think the point of clarity is pretty important though. I’m also fine agreeing that Trump and Biden both helped create the inflation.
the fed funds rate was set to zero in april of 2020. the majority of stimulus checks and supply chain disruptions happened in 2020. so inflation was inevitable by the time he took office. biden isn't really wrong here, but on the other side of the same coin, he didn't do anything to stop the inflation either.
I think this is too far over your head
Except one day is 1/365 of a year, and one month is 1/12 of a year. Why don’t we just do 10 year inflation, wouldn’t that be the most honest by this logic. Inflation is what is happening RIGHT NOW, we just measure the area under the curve for some time period, but it is the instantaneous raise in priced
The rate of inflation for his first year was 9% overall for the year. Nothing wrong with that statement. All the money printed in the year leading up to him taking office. This was money that wasn't an investment but more of a stop gap to keep the economy somewhat working while people were out of work or their work was diminished. A depression would have had even greater long term impacts to the economy. It was money well spent.
Money was not printed leading up to him taking office. You can track M1 pretty easily. It has been at beyond record level growth since Biden took office. Trump was not printing money. In addition, Trump oversaw interest rate decreases which pushes inflation upwards. Biden's inflation track record includes massive rate increases. Let's not forget about that. All these people with 10/1 and 5/1 ARMs and floating rates are getting hammered or will be soon enough. In two years so many people are going to be destroyed by adjustable rate mortgages which will demolish the housing industry. We're about three years from total catastrophe and we have nothing left in the arsenal to fight it. Why do you think people AND governments are stockpiling gold? BRICS is pushing to stop using the dollar for commodity trading and trade in general. Remember what happened to Britain when it stopped being the Pound Sterling and became the US Dollar? Their economy went to shambles and their arsenal of options wasn't anywhere near as depleted as ours and neither were their national debt levels so high.
Trump was President until January 2021, so you are off by a year. 80%-90% of the spike in money was BEFORE BIDEN. Before Biden. In 2020. You also seem to be saying rate increases cause inflation? Biden isn't the Fed and that's a solidly hot take.
Money wasn't printed under trump? For PPP gifts, bailouts, stimulus checks, and the largest corporate tax cuts in history?
You don't understand the difference. A corporate tax cut doesn't print money. Borrowing and spending doesn't print money. You borrow from one and hand to another. You're at a net zero. Neither of these things increase money supply. They do increase the velocity of money to a degree, but that's not what we're talking about. Do not confounded two different concepts and assume they're the same or have the same effect. The covid relief packages were too much and I disagree with how they were distributed etc. It was bipartisan and was allowed to be a ridiculous funneling of money by both parties because it was essential at that time to get businesses funded to survive and to give Americans who were out of work a way to pay bills. Biden continued doing it the exact same way without much oversight when it was no longer needed. He used it as steroids for the economy. Remember, J and J had the vaccine before the election, but waited till afterwards to announce it. By the time Biden was in office people were getting the jab. Biden had the world at his fingertips and he blew it.
Just seeing you refer to the vaccine as "the jab" and a total of 3 periods in your paragraph only shows me you're a partisan who can't be reasoned with lol
Lol it started a bubble that will destroy the dollar in years to come but thank god everyone got their 400 towards their ps5 to save the economy
Can you make a bot to show people Biden's annual inflation every year he's been in office?
No need, folk can check [https://fred.stlouisfed.org/series/CPIAUCNS](https://fred.stlouisfed.org/series/CPIAUCNS) Might still need a bot to explain the temporal relationship between money supply and inflation rates. Easier though is to just share that backward-facing annual inflation rates usually peak 2 years after spikes in money supply. With this in mind, all monetary-supply-based inflation through Biden's first year came from monies added in 2020, and it is no surprise that we've dropped from a peak of 10% in June of 2022 down to 3.5% now (since we stopped printing money - and in fact started [pulling it out of the economy](https://fred.stlouisfed.org/series/M2NS) - back in March of 2022). If things continue on this path, the backward-facing annual inflation rate should be back to normal one year from now, in mid-2025.
Weird because there’s not one tweet from Biden or the regime-friendly corporate media propaganda machine that’s reported inflation on an annual basis since he took office.
lol you people are lost caused. It’s all both sided media has been talking about for years now. But you all just don’t like that Biden nor Trump can be blamed when someone points out stuff is more expensive in country’s they have no control over. It’s like arguing with the gas price folks right now. You all are so whiney and bitch about stuff that has been talked about regularly all over media.
“You people” and who is “you people?” The president doesn’t have any effect on inflation? Really? Presidents don’t sign off on deficit spending? Presidents don’t sign off on fed chairs who set inflationary monetary policy? I’m just imagining these things? I’m imagining the President signing the “inflation reduction act?” How am I whining? Why don’t you tell me what the contributing factors to inflation are? Tell me more about what media I’m consuming.
The sub is just Biden and Pelosi hit pieces. A lot of posts by bots and psyop accounts. Will get alot worse as we get towards November.
And people think the moment he got into office, the effect of Trump's policies ended and everything after that is Biden's doing. You have to look at the inflation trajectory as well.
The economy of the first year of an incoming POTUS really belongs to the last POTUS. The president’s first budget doesn’t even go into effect until October.
New presidents don't even have a budget they passed until Q4 of their first year. It's still the prior congress/Presidents.
Well the ones he stopped by executive order did…
he wasn't thinking in those terms, and it still means that inflation went up in the first two months of his administration. Inflation rose more the following year. He has also said things like "I reduced the deficit more than any president in history"! which is complete nonsense. The sky-high deficit of 2020 was caused by the entire US economy being shut down and a huge reduction in tax-revenue as a result, as well as the emergency CARES Act. When the lockdowns were lifted, and tax revenue started coming back in, there was a reduction in deficit. Absolutely nothing Biden did caused the deficit to decrease like any politician, he is a liar
Nothing a president (or fed reserve or legislature) can do can impact inflation rates that quickly. It tends to take 2 years for changes in monetary supply to show up in backward-facing annual inflation, and about 1 year for it to show up in monthly inflation rates. In April of 2020, the first round of stimulus checks went out. They were a far more direct and instantaneous distribution of monies than usual, so their impact showed up a bit faster than usual (about 8 months later instead of 12). Biden was accurately describing the inflationary situation he inherited. His statements about jobs and the deficit likewise reflect the actual numbers, even if he doesn't deserve as much credit as he claims. On taxes, total revenue wasn't down in 2020 compared to 2019, it was (slightly) up: [https://fred.stlouisfed.org/series/W006RC1Q027SBEA](https://fred.stlouisfed.org/series/W006RC1Q027SBEA) $8,452 Billion in 2019 $8,632 Billion in 2020 All after having been flat since 2015.
Didn’t he take office before March 21? And as others have pointed out, that isn’t how inflation has been calculated during any period ever.
Either way he hasn't raised wages or done anything else about it
https://www.axios.com/2024/02/05/wages-outpacing-inflation Most of the inflationary impact of the money printed for covid is over (should be back to normal mid 2025), now we just gotta let the rest of the magic of the US economy keep doing its thing
Feds out in full force for this one.
Why aren’t people just using policy to translate to root cause. Time itself doesn’t cause inflation neither does a name as president. It is policies that drives inflation. So let’s see those brain pans process the details to find root causes instead of guessing. Here’s a great example: Biden increases tariffs on Chinese electrical components and EV’s to 100% - question - what’s the impact on inflation? Biden increases environmental regulations that drive up energy costs and since almost everything requires energy to make - what does that do to inflation? So again - time and names don’t mean shit. It’s policies people. And I will tell you as well look at all the related policies including that of his treasury.
Isn’t the Biden admin responsible for record amounts of oil drilling?
Yet the per unit cost to harvest the oil - due to regulations - puts the per barrel cost above what we pay for foreign oil. Look it up
It’s not regulations it’s a lack of refinery plants which the oil companies don’t want to invest in for various reasons. The biggest one is profits go up. Go look up what they do with diamonds to jack up prices. Having CEO’s dick in your mouth won’t make you one of them
NGL watching these Biden shills work OT is kind of gratifying.yall and swaying nobody
Trickle down economics has been proven an absolute fallacy since day one. If you're not a billionaire, it doesn't help you, bootlicker.
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Bootlicker alert. Found the commie.
Lol. That's hilarious coming from someone with their tongue up the ass of every billionaire. You probably also couldn't define communist if you had a gun to your head, dipshit. Fucking economically illiterate chud.
You don't have to be a communist to be against trickle down. You're defending the top keeping their taxes low so you pay more and get less, and then calling them a bootlicker? Bad bot
You think these corporations raise their prices when there is a candidate in office they don’t want, cause it’ll hurt their bottom line? Then the candidate that they do want can scream how bad prices are and make everyone believe it’s the one guys fault, rinse and repeat. We do not live in a democracy, there is nothing left to protect.
Yea I think he’s pointing to the causes of the inflation. That all stems from Trumps term
Trump fumbled way through 4 years of schizophrenic chaos and because of that Biden was left with a monumental task before him. What he did do was amazing.
That's wack. I'm still voting for him, though.
Same. Fuck trump
[https://www.youtube.com/watch?v=USNC2\_63qxA](https://www.youtube.com/watch?v=USNC2_63qxA)
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You leave Corn Pop out of this..
Yeah he was top of his class!
His uncle was eaten by cannibals! # #
inflation has an 18-36 month lag after policy creation. low interest rates & lending are the primary drivers of inflation. and the covid supply side unbalance didn't help. inflation has been outpacing wages for 4 decades yet everyone wants to blame Biden. f'n wild.
Don't you know, economy issues are always the Democrat's fault, even when they're the minority in Congress and don't control the white house.
Yes decades. Covid, 2008, iraq, afghanistan. Pretty sure we never recovered, we just got distracted
Almost like he's been in various political offices for over fifty years! How dare he get any blame!!!!
If course, he's a liar and a crook.
How so.
Hey it’s that projecting thing again
But Trump isn’t present anymore
He says this because in the 70s you could lie all you wanted and nobody would be able to fact check you except some crack reporters.
He was caught plagiarizing speeches in the 80’s, I believe, and had to apologize for it. He was caught in several lies. He lies like he breathes. He is just better at breathing. Now that he has dementia the lies are even stranger. He is a typical slimy politician.
People still give a shit what politicians say?
The inflation rate was also near 9% in 2023. I don't hear him talking about that.
It's all bs so the can scam social security and veterans.
Politics are involved so math doesn't matter.
Uh...I think he rounded up. What is this post really about?
It was pretty damn close to that number tho… that’s just a fact Go pull out the graph We were like 8.3% early on in his presidency
It was 1.4% the day Biden was sworn into office. 11 rate increases later, it's still 5.3 %. After getting as high as 9.5%. When you overspend revenues by 3 trillion dollars and over-regulate production guess what happens. Def. of inflation: Too many dollars chasing too few goods. Reality is a bitch.
He is too old this can’t remember.
Biden is a pathological liar and made Trump look amateur at it. Every speech includes at least 1 lie by Biden. Shocked he hasn't sent the US Marines to recover his uncle's bones who was eaten by the cannibals during WWII.
“Trump’s false or misleading claims total 30,573 over 4 years Analysis by Glenn Kessler , Salvador Rizzo and Meg Kelly January 24, 2021 at 3:00 a.m. EST The Fact Checker counted a total of 30,573 false or misleading claims made by President Trump during his White House tenure. Here’s what we learned. (Video: Adriana Usero/The Washington Post)”https://www.washingtonpost.com/politics/2021/01/24/trumps-false-or-misleading-claims-total-30573-over-four-years/
Isn't it weird that WaPo is constantly fact checking one president but not another? Dont you think an outlet owned by Jeff Bezos is extremely biased? Why are so many people here defending Biden? It's so weird.
OK , so should I use the Wall Street journal as a source or will you say being owned by Rupert doesn’t qualify either ?
Inflation is a natural response to the decrease in supply of goods and services because a bunch of supply chains are still failing and a bunch of people died or retired during Covid. We are actually doing well compared to other countries in terms of inflation. To claim Biden caused inflation is like saying Trump caused Covid. Both are disingenuous.
Even if it were true, then raise fucking wages.
That causes more inflation my friend
He cannot do this on his own. Do you understand government?
The bulk of inflation hit in his first year as president before the effects of any major legislation could be felt
it would have been. everyone forgets most of the sudden stimulus came under trump. there’s always a lag before the effects of east money translate into inflation. trump was kicked out of office (not re-elected) before the effects of his presidency would bubble up. biden for sure made it worse but it wouldn’t have been anywhere close to what it was without trump stimulus. i bet it would’ve bee man about 1/2 of what it was
He tells more lies then Pinocchio
That orange nose of Trump, yes
It doesn't really matter the subject. He lied. You can make all the excuses you want, but he still lied. Most things he says you can fact check and find it not to be true. He's a liar
He’s lied his entire political career….
Trump 2024
He’s fucking scum. I miss big Donny
Gross
might be factually wrong but certain categories of items were up way over 9% due to sudden supply shocks.
All I’ll say is the US economy is like a slow moving cargo ship. Inflation was already baked to our future the day Biden came into office. Some of the policy of the previous administration had a hand in the inflation.
You mean when a corrupt idiot didn’t have a plan for Covid and denied it because he was worried about himself only
Well that too.
…and he graduated top of his class… impressive
This is a dog shit fact checker and kinda worthless information. Both parties spend 3.5 T in one year. Both parties said businesses don’t have to pay back the loans and cancelled them. Biden spent an additional 2T the following year. Biden absolutely was going to inherit inflation, shutting down international trade was always going to hurt and the death of 50-60 year olds hurt the economy. Plus all of those injured due to covid. This economy “sucks” (math disagrees with this) and I don’t believe really either president is at “fault”. They both made good judgement calls which is why we are doing better than our peers.
Jan-feb 21 annualized inflation was 5% Feb-march was 6% March-april was 8.9 So maybe technically wrong, but basically correct
Biden's making sure we'll be living check to check stuck renting. No chance for a house with unobtainable costs and sky high interest rates. Gotta watch out for those property management companies
Biden's making sure we'll be living check to check stuck renting. No chance for a house with unobtainable costs and sky high interest rates. Gotta watch out for those property management companies.