Quote (thesnipa @ 10 May 2024 17:53)
covid money is all we hear about for inflation, when in reality covid caused the most widespread shortage crisis on ALL good for the entire world economy of our lifetimes. all goods from all sectors in all nations had shortages. in a shortage price goes up, and that's where inflation comes from. inflation hit nations and still does that didnt give the population even a single penny of covid relief funds.
global inflation hit 8.8% in the pandemic.
Biden pushed for yet another round of covid stimulus in the spring of 2021, at a time when vaccines were already rolling out at a good pace and we had clearly gotten through the worst parts of the pandemic. This policy surely didn't help with inflation. And the data supports this notion: inflation in the US in January 2022 (the last month before the outbreak of the war in Ukraine) stood at 7.5% while it stood at 5.1% in the eurozone and at 5.4% in the UK. So there is evidence to attribute roughly 2-ish percent of extra inflation to Biden and his policies. (On top of the post-covid inflation which was inevitable.)
Furthermore, it was the Biden administration which pushed the West to respond to Russia's invasion of Ukraine with a heavy focus on economic sanctions (as opposed to, e.g., quicker shipment of weapons). This caused additional turmoil on the global energy markets and thus further fueled inflation (above the degree of turmoil which was inevitable). Biden's strong signaling of an anti-fossil direction at the start of his presidency didn't help oil and gas prices, either.
Regarding the housing market, well, it surely doesn't help when the resident population of the US grows by some 8 million illegal immigrants (on top of legal immigration and natural growth) over the span of less than 4 years. Just like it doesn't help the housing market when the FED has to keep interest rates very high for 2+ years because they initially underestimated the inflationary pressure and were then forced to take more drastic countermeasures.
Is Biden the lone culprit for the cost of living crisis? Absolutely not. Does he bear a significant share of the blame? Absolutely yes.
This post was edited by Black XistenZ on May 12 2024 03:46pm
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