Quote (MrSK @ May 31 2024 08:24pm)
That was my only point, there’s no sense alluding to Biden being responsible for the situation in Ukraine or increasing food prices
He has control over how long this war goes on for because we directly give them tens of billions every few months in weapons and to fund their war effort. There are regular articles talking about how Ukrainians are a few months from collapse without western funding.
There's really a lot of factors that led to food price inflation, with some of these outside a presidents control but some within his control. He can't magically snap his fingers and fix global supply chains that were ground to a halt during Covid. He can't change the "just-in-time" production model or lean models that most of the logistic world adopted and had a hard time getting back on line post Covid. He could of tried to soften on the fiscal spending though, because that's really what's driving inflation now that supply chain issues are largely gone. Government spending now is at an extreme level of GDP and it has a huge impact. Part of why it's happening because if the government wasn't spending this much we'd be in a recession most likely, and obviously we can't have that in a inflation year. This year the budget is already close to 900 billion deficit spending and probably end with close to 2 trillion by end of year. What's driving all this spend? Well lets look at prior month just as one example:
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This month, Congress passed a $95 billion national security supplemental funding bill, which provides $61 billion in aid to Ukraine, $26 billion for Israel and humanitarian aid in Gaza, and $8 billion for Indo-Pacific allies. The Biden administration also announced a student debt cancellation plan which, if finalized in regulations without major changes or legal challenges, could add between $250 billion and $750 billion to the debt over the next decade.
https://bipartisanpolicy.org/report/deficit-tracker/