Flashback July 2021: Biden Says Inflation Temporary, Transitory Despite Spending Trillions We Don’t Have

[Weatherman2020]

Coming up on 3 years of transitory inflation and the latest inflation report is much worse than expected and far from even being close to under control as the Fed says no way to interest rate cuts.

Politicians can lie about anything, but the economy is the one hardest to get away with lies about. Everyone personally knows how the economy is doing as they go about their lives.

Biden insists inflation is ‘temporary,’ ‘expected’ despite $4.7T spending plan

President Biden on Monday insisted that his massive spending plans aren’t causing price hikes, saying inflation is “temporary” and “expected” after the COVID-19 pandem…

nypost.com

 

[kyzr]

Biden can't get around what happens when voters see their grocery bills.
Biden is TOAST. No one can take a $709 a month pay cut.

https://www.cnn.com/2023/08/11/economy/inflation-rate-spending/index.html

 

[JoeMoma]

Inflation has come down, but it's too late. Too many prices have already been inflated.

 

[Marener]

Inflation is at 3% and you guys are acting like that’s a crisis.

 

[ColonelAngus]

That fucking bridge troll Janet Yellin kept saying the same lies.

 

[Jim H - VA USA]

Inflation has come down, but it's too late. Too many prices have already been inflated.

"Inflation has come down" means prices are still increasing.

Even if inflation is eliminated (goes to zero), the high prices are here to stay.

Biden has single-handedly been responsible for the largest decrease in standard of living in my lifetime.

 

[Marener]

Biden can't get around what happens when voters see their grocery bills.
Biden is TOAST. No one can take a $709 a month pay cut.

https://www.cnn.com/2023/08/11/economy/inflation-rate-spending/index.html

Median wages are up about $700 a month too.

Employed full time: Median usual weekly nominal earnings (second quartile): Wage and salary workers: 16 years and over

Graph and download economic data for Employed full time: Median usual weekly nominal earnings (second quartile): Wage and salary workers: 16 years and over (LES1252881500Q) from Q1 1979 to Q4 2023 about second quartile, full-time, salaries, workers, earnings, 16 years +, wages, median...

fred.stlouisfed.org

 

[kyzr]

Inflation is at 3% and you guys are acting like that’s a crisis.

Inflation is cumulative, add up how much inflation went up during Biden, its ~20%

Your 3% is one year.

 

[kyzr]

Median wages are up about $700 a month too.

WRONG

Look at the 5-year chart

Wages are up about $100, so net net voters lost $709 under Biden

 

[BluesLegend]

Biden packed 10 years worth of inflation into 3 years, he's that good!

 

[Marener]

WRONG

Look at the 5-year chart

Wages are up about $100, so net net voters lost $709 under Biden


View attachment 919096

Wages are up $159 a week. The $709 figure is per month.

$159 a week turns into $704 a month.

So net net, it’s $5 down per month.

 

[Marener]

Inflation is cumulative, add up how much inflation went up during Biden, its ~20%

Your 3% is one year.

Inflation rates went up. Then they went down.

Isn’t that what transitory means?

 

[Jim H - VA USA]

Median wages are up about $700 a month too.

Employed full time: Median usual weekly nominal earnings (second quartile): Wage and salary workers: 16 years and over

Graph and download economic data for Employed full time: Median usual weekly nominal earnings (second quartile): Wage and salary workers: 16 years and over (LES1252881500Q) from Q1 1979 to Q4 2023 about second quartile, full-time, salaries, workers, earnings, 16 years +, wages, median...

fred.stlouisfed.org

Zero real wage growth is not the goal.

Anyway, real wages (adjusted for inflation) are down under Biden - people have less than three years ago.

Compare with Trump

 

[Marener]

Zero real wage growth is not the goal.

Anyway, real wages are down under Biden - people have less than three years ago.

View attachment 919150

Compare with Trump

View attachment 919152

Trump’s numbers were juiced by government shoving money out of planes into people’s pockets.

Which is what caused a lot of the inflation in the first place.

The first goal is keep people employed, if you ask me.

 

[Weatherman2020]

Inflation is at 3% and you guys are acting like that’s a crisis.

You run on that.

3%. Americans laugh.

Per Joes own cabinet it’s up 18% since he took power.

 

[Jim H - VA USA]

Trump’s numbers were juiced by government shoving money out of planes into people’s pockets.

Which is what caused a lot of the inflation in the first place.

The first goal is keep people employed, if you ask me.

The crazy spending is comparable between Trump and Biden...

People had more money under Trump because wages grew and inflation remained low...

You are right that some of the inflation was certainly caused by wild Pandemic spending.

 

[Jim H - VA USA]

Inflation rates went up. Then they went down.

Isn’t that what transitory means?

Yellen has admitted that the stubborn inflation was not transitory...

MSN

Inflation surged to 9% a year after she made the remark.

 

[Marener]

You run on that.

3%. Americans laugh.

Per Joes own cabinet it’s up 18% since he took power.

What is Trump running on? Deflation? Get real. Even he’s not stupid enough to say that.

 

[Weatherman2020]

What is Trump running on? Deflation? Get real. Even he’s not stupid enough to say that.

17-19 economic results

 

[kyzr]

Wages are up $159 a week. The $709 figure is per month.
$159 a week turns into $704 a month.
So net net, it’s $5 down per month.

Bullshit. There is no $159 a week. There is only $709 a month. This is from that MAGA outlet CNN.

https://www.cnn.com/2023/08/11/economy/inflation-rate-spending/index.html

US inflation means families are spending $709 more per month than two years ago​