The Biden Economy

[RickeyM]

Originally Posted by finnbow

Nah mate, that's what they want you to believe

[finnbow]

For all the attention that soaring inflation has gotten this year, one of its most surprising direct offshoots has gone largely unnoticed: US government debt is shrinking rapidly.

Not in dollars-and-cents terms. No, that’s growing day by day, minute by minute. But it’s dropping in the way that really matters: when measured against the inflated size of the economy.

https://www.bloomberg.com/news/artic...ring-inflation

[whell]

Inflation increased 0.4% in September, more than expected despite rate hikes

https://www.cnbc.com/2022/10/13/cons...ber-2022-.html

So much for the so-called "Inflation Reduction Act". Now we get to watch as the Fed induces a recession to cure inflation.

What a circus.

[finnbow]

Originally Posted by whell

Inflation increased 0.4% in September, more than expected despite rate hikes

https://www.cnbc.com/2022/10/13/cons...ber-2022-.html

So much for the so-called "Inflation Reduction Act". Now we get to watch as the Fed induces a recession to cure inflation.

What a circus.

It's as if you believe that inflation in the US is attributable solely to Biden's actions, notwithstanding the fact that current inflation is a global phenomena due to labor sourcing, supply-chain issues and the Ukraine War. Consider for a moment that inflation in the UK is higher than it is here and the UK has had a conservative government for the past 12 years. Moreover, the inflation rate in Orban's Hungary, the professed model for GOP governance and ideology, is currently over 20%, despite Hungary still getting most of its natural gas and oil (80% and 65% respectively) relatively cheaply from Russia despite the EU ban.

https://www.forbes.com/advisor/perso...on-by-country/

[donquixote99]

An inflation-causing factor you do not mention is the addiction of companies to much higher than normal profits. Those that enjoy the market power to increase their prices faster than costs have been increasing have gotten used to doing so. They have been getting by with this because of the high savings rate in the populace during the pandemic period. Those consumers who can have been using these savings to satisfy their pent up demand, despite the increase in prices.

[whell]

Originally Posted by finnbow

It's as if you believe that inflation in the US is attributable solely to Biden's actions....

Stop. Just stop with the straw man crap. I've posted a few times about the causes of inflation, starting with the Trump admin throwing billions out the door during COVID. I didn't get past the first part of the first sentence of your post, because everything that follows is your usual spun-up crap.

I'm here if you ever want to have an intelligent discussion.

[whell]

Originally Posted by donquixote99

An inflation-causing factor you do not mention is the addiction of companies to much higher than normal profits. Those that enjoy the market power to increase their prices faster than costs have been increasing have gotten used to doing so. They have been getting by with this because of the high savings rate in the populace during the pandemic period. Those consumers who can have been using these savings to satisfy their pent up demand, despite the increase in prices.

Since the primary drivers of inflation in this current cycle are primarily by housing, food, and medical care, who exactly would this price-heavy, greedy corporations be?

And if profits are so high in the, for example, food industry, why is it not reflected in the stock price? Overall, players in the food industry have had flat to slightly falling stock prices.

[finnbow]

Originally Posted by whell

I'm here if you ever want to have an intelligent discussion.

LOL.

[RickeyM]

Originally Posted by finnbow

LOL.

It's as if he thinks the Inflation Reduction Act was supposed to work overnight. Despite what Reich-Wing media says, calling it a failure, it will take longer than the attention span of the average tRumper.

[finnbow]

Originally Posted by RickeyM

It's as if he thinks the Inflation Reduction Act was supposed to work overnight. Despite what Reich-Wing media says, calling it a failure, it will take longer than the attention span of the average tRumper.

Truth be told, naming of legislation with some catchy, misleading moniker is a standard legislative tactic in Washington and practiced very liberally by the GOP. Case in point - Dubya's Patriot Act had nothing to do with patriotism.