Quote (bogie160 @ May 9 2024 11:01pm)
Covid money was largely spent under Trump. There was a colossal amount of waste and outright fraud, so we can't just hand-wave it away as saving lives.
Biden has spent far too much (trillions too much), and whether it's the Orwellian "Inflation Reduction Act", student loan debt, or Ukrainian aid we know that none of those help. Benefiting select companies by spending money you don't have is inflationary. People are upset about inflation. But what's really sinking Biden is that he's completely unaware of how mad people are.
The Inflation reduction act is slated to cost around 800billion over 10 years. Ukraine aid from the US is what now? 150 billion pledged.
The Covid Furlough scheme, as you correctly mention was under Trump was 5 trillion, over 2 years? 4 years?
That doesn't even account for the cost of vaccine rollouts which was half a trillion estimated.
The same furlough system happened in Europe. They printed and gave people thousands to sit at home. Or more accurately gave that money to companies that otherwise would have collapsed.
There wasn't really a choice though. The alternative was total collapse.
There are multiple factors but dishing out 5.5 trillion dollars in 2 years. And trillions of Euros at the same time. That's the main body of your inflation right there.
This post was edited by Prox1m1ty on May 9 2024 04:36pm