Quote (ofthevoid @ Jun 2 2024 05:40pm)
Going to need a source chief.
It's pretty obvious from my response that I was speaking in general and attributing general deterioration to run-away spending to not just Biden but taking a longer time period.
That doesn't help you either chief. Trump blew up the deficit besides having a strong economy his first 3 years. You also obviously weren't. You were trying to blame Biden for things that happened under Trump, because there's been a concerted efforts by Republicans to blame Biden for the lockdowns and you aren't smart enough to look at a calendar. I get your trying desperately to run away from a very very stupid set of claims but don't make it so obvious.
As for a source, Moodys spells it out clearly in their Nov 2023 report. It's accepted by virtually every economics professional at this point that stimulus was not the major cause of inflation just so you know. The data is extremely obvious.
"Behind the economy’s surprisingly good performance is inflation’s more-or-less graceful retreat. What most
pessimists got wrong was their view that inflation was largely fueled by overly strong demand, pumped up by
stimulatory fiscal policy. If so, they reasoned, the only way to get inflation back down was for the Fed to jack up
interest rates and hit demand hard, causing a recession.
But this was largely a misdiagnosis. The high inflation was instead largely the result of the supply shocks caused
by the COVID-19 pandemic that scrambled supply chains and the job market, and by the Russian war in
Ukraine and the resulting surge in oil, natural gas, agricultural and other commodity prices. The inflation caused
by these massive shocks conflated and pushed up inflation expectations and wage growth. And that raised the
specter of a dreaded wage-price spiral"
Some people are going to read this and go "but they did pump interest rates so I was right!" They did, but we are still at extremely low interest rates. If the cause was truly monetary policy, an increase of a few percentage points would not drop inflation from 10% to 3.5%. Last time something like this happened we went to over 10% for several half a decade as a point of comparison.
This post was edited by Thor123422 on Jun 2 2024 06:59pm