Inflation
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Jon has forgotten a few things...IIRC, the first big round of quantitative easing (the Fed creating digital dollars) was done by the Obama Administration during the recession and bank crisis, trying to keep banks afloat and interest rates low. You know, banks to big to fail, and all that jazz.
Trump's Administration saw a lot of digital dollars created. We had this little ChiCom COVID pandemic that was causing a bit of problem in the economy. I think the first stimulus was probably needed. I don't think any subsequent monies were. Regardless the Fed didn't create money at any faster rate than the European Central Bank or many other large institutions.
And then, along came Joe...Joe dumped another stimulus bill on us, one we didn't really need. It's fun to go through that bill and look at how many disincentives there are for American people working. But hey, votes ain't cheap. And would have dumped another huge supplemental spending bill on us, except a few members of his own party balked. Couple all the spending with a disastrous energy policy...Nah, that's too kind...Couple all that with an absolutely fucking nuts energy policy that Putin and Xi must have co-written, and we have record, generation-screwing inflation.
People ought to be working their butts off, trying to make more money to keep up with the Inflation Tiger. But they ain't. Maybe they got used to not working as hard during the lockdowns. Maybe it's because Mr. Biden's stimulus bill is paying some people enough, they don't have to work.
Regardless, the MSM ballyhoos the Unemployment Rate. What they don't tell you is the percentage of people no longer looking for a job. If you look at our Employment Percentage Rate , it's in the low 60's, which is quite bad.
No, The Resident put the cherry on the topping of this mess and he owns it. Maybe that's why the GOP is up 11 points over the Dems in the Generic....
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My greatest disappointment in the Trump administration is it
did not tacklepromulgated spending,FIFY, no need to thank me.
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Oh, and the inflation we’re seeing now would have been quite similar had Trump not lost in a landslide.
Oh - and had the democrats not managed to swing the votes in a few key areas just enough for the geriatric criminal who squeaked into office by the skin of his dentures, you crazy democrats would be blaming the inflation on Trump.
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In the last 60 years, the US share of the world economy has almost gone down by half - from a little over 40% to almost 20% now.
Obviously, still the biggest economy, but there are so many external things happening around the world (both good and bad) which will effect US inflation, etc.
As a
famousunknown forum poster has pointed out, "the US president gets too much praise and too much blame for the economy".
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@taiwan_girl said in Inflation:
In the last 60 years, the US share of the world economy has almost gone down by half - from a little over 40% to almost 20% now.
I'd guess that it was a pretty different world in 1962 than it is today.
I get your point, and I don't even disagree. But, I'd say that the post-war era, which probably extends at least 20 year, was a remarkably different world than we have today.
Oh, and China is an asshole, by the way.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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@George-K I agree with you.
But, there seems to be a "perception" that if the US economy is good, it is strictly due to the actions of the US president AT THAT MOMENT.
If the US economy is bad, it is strictly due to the actions of the US president AT THAT MOMENT.
(Of course, some of the above depends on if your side president is in power).
Example: 2020 was one of the worst economy years on record. President Trumps fault? Of course not. Many many things outside his control. Situation would probably have been the same if Sec. Clinton had won the president.
2022 Inflation. President Bidens fault? Mostly not. (Thailand is experiencing worst inflation in 17 years for example). In big picture, situation would have been similar if President Trump won election.
(I AM NOT SAYING THE US PRESIDENT HAS NO IMPACT ON ECONOMY, BUT I BELIEVE IT IS OVER SAID)
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@taiwan_girl said in Inflation:
Example: 2020 was one of the worst economy years on record. President Trumps fault? Of course not. Many many things outside his control. Situation would probably have been the same if Sec. Clinton had won the president.
Trump wasn't president until January 2021.
2022 Inflation. President Bidens fault? Mostly not. (Thailand is experiencing worst inflation in 17 years for example). In big picture, situation would have been similar if President Trump won election.
US inflation is highest in 40 years.
(I AM NOT SAYING THE US PRESIDENT HAS NO IMPACT ON ECONOMY, BUT I BELIEVE IT IS OVER SAID)
Yes, it's overstated, and as @jon-nyc said, there's a correlation between the infusion of funds and inflation, with a delay of months/years.
But, perception is what determines elections, and since this has happened on Biden's watch, this is what voters will probably remember.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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The basic underpinning of the US and global economy is consumer confidence in spending, and yes, the US President has an enormous impact on that particular keystone.
Me/rry/Christmas
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@LuFins-Dad said in Inflation:
The basic underpinning of the US and global economy is consumer confidence in spending, and yes, the US President has an enormous impact on that particular keystone.
Now, just you waitaminute...
Are you saying that there's not enough confidence in the president?
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By jove, I think he's got it!
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I agree. I have said it a couple of times that the president is like a cheerleader.
