Inflation Is No Accident

m.knox

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Gold Member
Aug 20, 2003
103,123
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LOL.... I love it when unhinged lefties like @PaoliLion and @NJPSU try to blame this inflationary mess on everyone but the president (where the buck used to stop ... lol).

https://compactmag.com/article/inflation-is-no-accident

President Biden is hanging on to Vladimir Putin for dear life. Earlier this month, he estimated that Vlad the Invader was responsible for 70 percent of the latest wave of inflation to roll over the United States. Back in December, the administration blamed “the greed of meat conglomerates” for Americans’ waning purchasing power. In November, it was the “anti-consumer behavior” of two oil companies. Annual inflation is 8.5 percent now, the highest rate since 1981, when Ronald Reagan replaced Jimmy Carter. Annual wage growth is 5.6 percent. The average American is losing ground.

Allegations of Russian culpability are unconvincing. Inflation was already 8 percent when Biden announced he would ban the import of Russian oil and gas. Yes, gas prices have risen to an average of $4.17 a gallon, a 15 percent hike since February’s invasion. But they were already at $3.62 when the tanks started rolling—up 47 percent from the $2.46 Americans were paying when Biden assumed the presidency. Certainly, America isn’t the only country affected by the Ukrainian unpleasantness. There has been a flambée of inflation in France and an Anstieg in Germany, the latter dependent on Russia for a third of its oil and half its gas—yet inflation is higher here than there.

The case that Biden is to blame is close to airtight. Inflation was at 1.7 percent when he came to office. The country was poised for a boom, with unemployment at 6.4 percent and falling rapidly. Biden’s proposal to turbocharge the economy with his $1.9 trillion American Rescue Plan (ARPA) raised alarms. In recessions and depressions, stimulus is supposed to fill an “output gap.” If struggling Business A can’t pay otherwise healthy Business B, Business B might go bankrupt, leaving Businesses C, D, and E unpaid and creating an avoidable contagion. Usually, policymakers are cautious about using stimulus. Progressive economists, for instance, often say that Barack Obama’s $900 billion stimulus didn’t cover the whole output gap of the 2009 finance crisis. True. But that doesn’t mean they are right when they say the stimulus was “too small.”

“The Biden stimulus was wildly out of line with anything his predecessors had tried.”

The Biden stimulus was wildly out of line with anything his predecessors had tried. The macroeconomist Olivier Blanchard, who led the International Monetary Fund during the Obama years, tweeted that Biden’s ARPA stimulus, on top of Trump’s, would add “four times the upper bound on the output gap.” Clinton Treasury Secretary Larry Summers warned that the stimulus would be “on a scale closer to World War II levels than normal recession levels” and that it would “set off inflation pressures of a kind we have not seen in a generation.”
 

summitlion1

Well-Known Member
Apr 2, 2008
166
166
1
LOL.... I love it when unhinged lefties like @PaoliLion and @NJPSU try to blame this inflationary mess on everyone but the president (where the buck used to stop ... lol).

https://compactmag.com/article/inflation-is-no-accident

President Biden is hanging on to Vladimir Putin for dear life. Earlier this month, he estimated that Vlad the Invader was responsible for 70 percent of the latest wave of inflation to roll over the United States. Back in December, the administration blamed “the greed of meat conglomerates” for Americans’ waning purchasing power. In November, it was the “anti-consumer behavior” of two oil companies. Annual inflation is 8.5 percent now, the highest rate since 1981, when Ronald Reagan replaced Jimmy Carter. Annual wage growth is 5.6 percent. The average American is losing ground.

Allegations of Russian culpability are unconvincing. Inflation was already 8 percent when Biden announced he would ban the import of Russian oil and gas. Yes, gas prices have risen to an average of $4.17 a gallon, a 15 percent hike since February’s invasion. But they were already at $3.62 when the tanks started rolling—up 47 percent from the $2.46 Americans were paying when Biden assumed the presidency. Certainly, America isn’t the only country affected by the Ukrainian unpleasantness. There has been a flambée of inflation in France and an Anstieg in Germany, the latter dependent on Russia for a third of its oil and half its gas—yet inflation is higher here than there.

The case that Biden is to blame is close to airtight. Inflation was at 1.7 percent when he came to office. The country was poised for a boom, with unemployment at 6.4 percent and falling rapidly. Biden’s proposal to turbocharge the economy with his $1.9 trillion American Rescue Plan (ARPA) raised alarms. In recessions and depressions, stimulus is supposed to fill an “output gap.” If struggling Business A can’t pay otherwise healthy Business B, Business B might go bankrupt, leaving Businesses C, D, and E unpaid and creating an avoidable contagion. Usually, policymakers are cautious about using stimulus. Progressive economists, for instance, often say that Barack Obama’s $900 billion stimulus didn’t cover the whole output gap of the 2009 finance crisis. True. But that doesn’t mean they are right when they say the stimulus was “too small.”

“The Biden stimulus was wildly out of line with anything his predecessors had tried.”

The Biden stimulus was wildly out of line with anything his predecessors had tried. The macroeconomist Olivier Blanchard, who led the International Monetary Fund during the Obama years, tweeted that Biden’s ARPA stimulus, on top of Trump’s, would add “four times the upper bound on the output gap.” Clinton Treasury Secretary Larry Summers warned that the stimulus would be “on a scale closer to World War II levels than normal recession levels” and that it would “set off inflation pressures of a kind we have not seen in a generation.”
The new lie is to blame inflation on corporate greed. I guess they never heard of a thing called supply and demand.
 

m.knox

Well-Known Member
Gold Member
Aug 20, 2003
103,123
56,083
1
The new lie is to blame inflation on corporate greed. I guess they never heard of a thing called supply and demand.

Employers are bad........... lol...

Schumer was just blowing smoke out of his lousy ass yesterday. We should start a drinking game. Every time Schumer says, "RECORD PROFITS" we down a shot.