As Predicted, Inflation Increasing Under Biden Just Like Under Carter

[PinktheFloyd88]

The President doesn't control inflation, the Federal Reserve does. This isn't worth the time

 

[jbrownson0831]

The President doesn't control inflation, the Federal Reserve does. This isn't worth the time

Riiiggght.

 

[PinktheFloyd88]

Riiiggght.

The Fed controls rates and inflation. The last President actually wanted negative (-) interest rates. Inflation would have been worse if the last guy had his way. It will be bad for awhile due to the Fed messing with rates the last few years.

 

[jbrownson0831]

The Fed controls rates and inflation. The last President actually wanted negative (-) interest rates. Inflation would have been worse if the last guy had his way. It will be bad for awhile due to the Fed messing with rates the last few years.

Bidung is driving the high inflation with all his bonehead moves and decisions. Make up all the other excuses you like.

 

[PinktheFloyd88]

Bidung is driving the high inflation with all his bonehead moves and decisions. Make up all the other excuses you like.

I mean okay. The Federal Reserve was literally created to control rates and inflation....its on their mission statement. Grow up.

 

[jbrownson0831]

I mean okay. The Federal Reserve was literally created to control rates and inflation....its on their mission statement. Grow up.

I am grown, therefore not brainwashed and a sheeple.

 

[BlindBoo]

Bidung is driving the high inflation with all his bonehead moves and decisions.

Last years drop in prices is what is driving most of the year over year inflation rates. That and the push to get things working and producing like they were at the end of 2019.

 

[JohnDB]

Inflation notches a fresh 30-year high as measured by the Fed's favorite gauge.

The Fed Chairman serves at the pleasure of the President...

 

[surada]

Townhall.com ^ | June 21, 2021 | Rachel Alexander

Remember long gas lines under President Jimmy Carter? Gas is now over $3 per gallon. This is higher than it was under the Carter administration, $2.40, when accounting for inflation. Under Trump, it dropped under $2. We’re about to see deja vu of the Carter years with inflation, as Biden creates a legacy of attacking poor and low-income Americans right after entering office. He’s fostering this by handing out massive amounts of paper money in stimulus funds to special interest groups, and the pet pork is about to continue in his massive $2 trillion infrastructure plan, which is really a lot of so-called “human infrastructure,” not even transportation.

Why is this happening? If you print more paper money and hand it out to people, so many people have more money, the cost of things is going to increase. If enough people getting the handouts can afford $4 gallons of gas, suppliers are going to increase the cost in order to make more money. There hasn’t been any stimulus checks for everyone--e.g. the poor--since March, so they’re going to get hit the worst when consumer prices go up. Once inflation is rampant, the Fed will increase interest rates which is likely to lead to a recession.

Former President Donald Trump was aware of this when he signed stimulus bills, and kept much of the excess out of the bills. He was aware that there was a tipping point, where the free money had to stop flowing. Consequently, consumer prices stayed relatively low during the Trump administration. Inflation dropped during his presidency, to just 1.2% before he left office. Biden and the Democrats don’t care that COVID-19 is winding down, they are going to push the limit as far as they can to keep the money flowing to their pet issues and cronies, which keeps campaign contributions coming into Democratic coffers.

In the March COVID-19 stimulus bill, called the American Rescue Plan, Amtrak got $1.7 billion, no surprise since Biden has been funneling money to his home state big business for years. The National Endowment for the Arts received $135 million and the Corporation for Public Broadcasting $175 million. Another $5 billion went to farmers--as long as they’re not white. Obamacare got its first major expansion, almost $62 billion more. People with kids got more money; a single parent making $75,000 got an extra $1,400 per child.

The bill was full of money for the COVID-19 vaccine--but so many Americans oppose getting the vaccine that many doses are going unused, a waste. They can’t be transferred to other countries since they have expiration dates. Additionally, the Biden administration is currently wasting millions, if not billions, of money to lure people into getting the vaccine on reward programs that aren’t working; Biden’s goal is to get 70% of Americans vaccinated by July 4 but he’s clearly not going to reach it.

States are prohibited from using the aid to cut taxes, ensuring that many businesses don’t create jobs or invest. Instead, the money was prioritized for left wing states that stayed locked down the longest, punishing red states that got people back up and working faster.

Consumer prices are increasing everywhere, 5% over the past year, the biggest inflation spike since 2008. Energy costs are up 56.2% over the past year. Excluding energy and food, which are more volatile, prices are up 3.8% over the past year — the biggest 12-month jump since 1992. The price of lumber is at an all-time high, hurting the price of homes and trickling down to rent.

Democrats are attempting to downplay the inflation by saying it is temporary. But the Federal Reserve Chair under Carter, Arthur Burns, said the same thing. To bolster their defense, Democrats point to the increase in car prices being caused by the pandemic. But that is different, there is a direct correlation involved. There is a car shortage caused by a lack of semiconductors, because manufacturers pivoted to making semiconductors for home computers as people drove less and worked from home. And gas prices were increasing drastically even before the temporary spike caused by the Colonial Pipeline hacking.

Former Clinton Treasury Secretary Larry Summers, no conservative but obviously an expert on fiscal and monetary policy, is warning of a “Vietnam inflation scenario.” He says there is only a one in three chance that the current inflation won’t lead to a bad outcome.

When inflation was only moderately high under President George W. Bush in 2008, House Speaker Nancy Pelosi slammed him, saying inflation "threatens to devour the paychecks of hard-working Americans." So where is her concern for low-income Americans now? The poor will also be hit hard, food stamps will pay for less food.

The inflation shouldn’t be happening considering the economy is supposed to be rebounding with COVID-19 receding. We should be seeing a huge boom, such as after World War II when things returned to normal. The nation converted then from military production to peacetime production. The U.S. should be transitioning to post-COVID production, but instead Biden isn’t allowing it to by diverting money to pet causes. People trying to get back into the workforce are finding that the job situation doesn’t match their skills; there are plenty of jobs in the COVID-19 vaccine area and working for Amtrak but fewer where people really need them, since states aren’t allowed to give tax breaks to companies that could create those jobs. Arizona Attorney General Mark Brnovich, one of the few state AGs with guts to take on the Biden administration, sued the administration over the prohibition.

The Democrats’ plan is just to ignore inflation. "We’re going to keep an eye on it, but we think it should resolve in the next few months," Sameera Fazili, deputy director of the White House National Economic Council, said. It’s painful, but the Democrats are ensuring that Republicans dominate the midterm elections and defeat Biden in 2024.

An economic powerhouse....NOT!

The gasoline lines were brought to you by Israel.

 

[Stryder50]

EXCERPT:

Nice raise. Too bad about inflation.​

Higher prices mean your boss may need to give you more than just a small raise.
...
You got a raise last year or switched jobs to get one. Congratulations! You’re one of the many Americans who saw their paychecks get bigger. Unfortunately, unless your wages or salary grew much higher than the national average of 4.5 percent last year, inflation likely canceled it out. That means that while you might be making more money, you can buy less stuff with it.

That’s bad news for you, but it’s also probably bad news for your boss. Employers are struggling to retain and attract workers amid the Great Resignation, a broad term to describe the past couple of years, when workers have been quick to leave for better pay or greener pastures. If inflation continues apace, we could be trapped in a cycle of rising wages only to see those gains wiped out by inflation. If inflation calms down, as economists expect, the situation could lead to much-needed real wage gains for American workers.

For now, inflation is again at a 40-year high, with prices on average 7.9 percent higher than they were a year ago. That figure takes into account a whole basket of goods and services, so it will affect people differently based on what they purchase, but as a whole, price increases outpaced typical wage growth. Price hikes were especially high for things like fuel, food, and rent and grew even faster than that average. Inflation is only expected to get worse as gas prices rise significantly due to Russia’s war in Ukraine.

To put it another way, if you made $20 an hour in 2020 and worked 40 hours a week every week of the year, you would have earned $41,600. For the purposes of this thought experiment, let’s assume you paid no taxes or Social Security and purchased literally nothing else. That means your total wages would have been enough to purchase a new vehicle outright at the end of December 2020, when they cost $41,000 on average, according to Kelley Blue Book.

Now, let’s say you got 5 percent raise to $21 an hour in 2021. If you worked the same amount — and again, no taxes, Social Security, or purchases — at the end of the year, you would have earned $43,680 but no longer would be able to afford a new vehicle, which now costs $47,000. You made more money, but that money was worth less.

The headlines about worker power and rising wages obscure the fact that those wages have less buying power. While nominal hourly earnings — or the literal amount you’re paid — grew 5.1 percent on average in February 2022 compared with February 2021, real wages — or wages adjusted for the effects of inflation — declined 2.6 percent.
...

Nice raise. Too bad about inflation.

Higher prices mean your boss may need to give you more than just a small raise.

www.vox.com

 

[Stryder50]

EXCERPT:

SHRINKFLATION

How companies are hiding inflation without charging you more​

...
Do consumers notice when their everyday products get smaller? Often they don’t and companies are taking advantage by reducing the amount of product they sell while keeping prices the same. Shrinking product sizes to pad profits is not a new tactic but it grows in popularity during periods of shortages and inflation. Some consumers are noticing and documenting their shrinking groceries on the shrinkflation subreddit.

Even with today’s release of US inflation figures from the Bureau of Labor Statistics showing prices increased 7.9% in the last 12 months, consumers may not realize they’re paying more for some of their regular purchases because companies are reducing sizes while keeping prices the same.

What is the meaning of shrinkflation​

Downsizing a product while keeping its price the same is sometimes called “shrinkflation”—a combination of the words shrink and inflation. Companies face higher prices for their supplies and may try to pass that onto the consumer. Downsizing a product reduces costs for manufacturers.
...

How companies are hiding inflation without charging you more

Shrinkflation is causing consumers to pay the same or more for less.

qz.com

 

[Stryder50]

Using the "Time Machine" function at this website will show figures back about 40 years that indicate the growth in Guv'mint spending, growing Deficit and Debt, and the clues to Inflation - which has been happening for over a century.

https://www.usdebtclock.org/

 

[Stryder50]

The President doesn't control inflation, the Federal Reserve does. This isn't worth the time

The POTUS signs off on the Budget that Congress submits to him(her) and if that has Deficit/DEbt, especially increases over previous year, then the POTUS has significant influence on inflation.

 

[Nova78]

 

[PinktheFloyd88]

The POTUS signs off on the Budget that Congress submits to him(her) and if that has Deficit/DEbt, especially increases over previous year, then the POTUS has significant influence on inflation.

You are confusing fiscal policy with monetary policy.

 

[g5000]

The predictors about inflation have been right once out of 100 times.

Ever since the Fed's QE program started after the 2008 crash, people have been predicting inflation.

Those who think Biden is to blame for inflation are ignorant.

 

[Flash]

The predictors about inflation have been right once out of 100 times.

Ever since the Fed's QE program started after the 2008 crash, people have been predicting inflation.

Those who think Biden is to blame for inflation are ignorant.

Yea, we know Moon Bat. "Mybabydindunutin". We hear denial from you stupid Moon Bats every time the Democrats fucks something up.

You either deny or you blame somebody else. Sometimes both.

You little assholes never take responsibility for fucking up this country.

 

[g5000]

Yea, we know Moon Bat. "Mybabydindunutin". We hear denial from you stupid Moon Bats every time the Democrats fucks something up.

You either deny or you blame somebody else. Sometimes both.

You little assholes never take responsibility for fucking up this country.

Explain how Biden caused inflation.

 

[Mr Natural]

Explain how Biden caused inflation.

By doing things that cause prices to go up. Just like Flush says.

 

[g5000]

By doing things that cause prices to go up. Just like Flush says.

What things?