IMF Economist: Biden’s Policies To Turn U.S. Into Latin American-Style Economy

[francoHFW]

B******* --we have to get people all vaccinated or they are afraid to work and go out. Because of conservative brainwashed functional assholes around the world. That causes the supply chain crisis and inflation and everything else going wrong. Thanks GOP, Rupert Murdoch and the orange clown con man.

 

[Dragonlady]

According to the experts at the IMF, the Fucktard's economic policies will collapse our economy....

Welcome to living in a third-world country!!!!

IMF economist: Biden’s policies to turn U.S. into Latin American-style economy

A rising number of economist have warned Joe Biden's policies could turn the U.S. into a Latin American type of economy. On Monday, Former International Monetary Fund Deputy Director Desmond Lachman said Biden's inflation, money printing and high government spending posed a problem for the U.S...

www.oann.com

A rising number of economist have warned Joe Biden’s policies could turn the U.S. into a Latin American type of economy. On Monday, Former International Monetary Fund Deputy Director Desmond Lachman said Biden’s inflation, money printing and high government spending posed a problem for the U.S. economy.

Lachman said Biden’s policies could push the U.S. budget deficit up to 15 percent per year. He warned this was not a sustainable level of deficit spending, which may bankrupt the U.S.

Lachman went on to point out such policies lead to devaluation of the national currency and fuel poverty, as seen in many Latin American countries.

“What we’ve already got in the pipeline is going to cause inflation,” he asserted. “Now if you can add infrastructure plan and the families plan, and it’s not going to be properly financed with real taxes that restrain spending, then you’re just going to be adding to the inflationary pressures.”

Lachman added the federal reserve would have to raise interest rates and halt money printing to curb inflation. However, he said this wouldn’t help solve budget problems.

“What I think has gone wrong in this country is that there’s no real constituency for anything vaguely approaching a responsible budget policy,” he expressed. “This is how we see that budget deficit keeps rising and the debt keeps rising.”

Lachman went on to warn Biden’s policies will eventually result in bubbles bursting in the housing and stock markets, which could bring on a new recession in the nation.

The Numbers Are In, Biden’s Inflation Is Not Going Away

Inflation is expected to remain elevated and drive consumer prices higher for several more years, according to a survey conducted by The Wall Street Journal. “We’re in a transitional phase right now,” Joel Naroff, chief economist at Naroff Economics, told the WSJ. “We are transitioning to a...

www.conservativedailynews.com

• Inflation is expected to remain elevated and drive consumer prices higher for several more years, according to a survey conducted by The Wall Street Journal.
• “We’re in a transitional phase right now,” Joel Naroff, chief economist at Naroff Economics, told the WSJ. “We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.”
• The consumer price index, an inflation indicator tracked by the Department of Labor, increased more between June 2020 and May than it has in any other 12-month period since August 2008, recent government data showed.

Inflation is expected to remain elevated and drive consumer prices higher for several more years, according to surveyed economists.

We’re in a transitional phase right now,” Joel Naroff, chief economist at Naroff Economics, told the WSJ. “We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.”

Inflation will fall slightly to 2.3% annually in 2022 and 2023, the economists predicted, the WSJ reported. Overall, prices would increase 2.58% per year over the next three years, the sharpest inflation increase since the 1990s, if the projection is correct.

The consumer price index (CPI), an inflation indicator tracked by the Department of Labor, increased more between June 2020 and May than it has in any other 12-month period since August 2008, recent government data showed. The personal consumption expenditures index, which is used by the Federal Reserve, surged 3.4% in the 12-month period ending May, the biggest leap since 1992.

American consumers’ fear of inflation has also hit new highs as gasoline, food, health care and home prices have ticked up in recent months.

“I’m not saying hyperinflation is around the corner, just that a lot of things have come together in the last year, and the overall trend of costs across the board is growing faster than in the last five or 10 years,” American Chemistry Council chief economist Kevin Swift said, according to the WSJ.

“Inflation is expected to surge longer and longer — longer than the Fed previously thought,” Grant Thornton chief economist Diane Swonk told the WSJ. “The Fed is now likely to raise rates in the first half of 2023, although some Fed presidents will be nipping at the bit to move sooner.”

Several economists have sounded the alarm on large, trillion-dollar spending packages backed by President Joe Biden, arguing they will drive inflation further. Former Treasury Secretary Larry Summers and Peter Schiff, the chief economist and global strategist at Euro Pacific Capital, said the government is the cause of increased prices.

“The 100% cause of inflation is the government,” Schiff previously told the DCNF. “It’s when the government spends money that it doesn’t collect in taxes and then the Federal Reserve monetizes the resulting deficits by printing money.”

IMF economists??? Don't make me laugh! Who do you think turn Venezuela into Venezuela?????? The rules and strictures foisted on Venezuela by the right wing disaster capitalists at the IMF and the World Bank, in order to get funding for countries in transition.

The IMF and the World Bank have already collapsed the economies of South Africa, Russia, Poland, Greece, and Venezuela and all of the countries of South American countries. Every time a new government has gone to the IMF for funding, they've required sale of government owned assets, cutting of social programs, and "free market" labour policies.

Now you have your right wing free market capitalist reforms under Republican tax codes which have lead to stagnant wages, reduced GDP because workers can't afford to buy products, so that 40% of American families are now dependant on government handouts, and the Republican solution to the problem is to cut the wage subsidies, to force people to work for what they can get.

The problem you have is the economy now has millions more jobs than you have workers. That was true under Obama. The jobs can't be filled because of a skills gap, but you don't provide any training. So now workers are refusing to work for nothing. You thing that's a problem.

What Biden is doing is bringing the USA in line with other first world countries and away from the IMF capitalism on steroids policies than have drive all of South America into permanent second tier status.

The IMF is hurting countries it claims to help | Mark Weisbrot

The fund’s loan agreement with Ecuador will worsen unemployment and poverty

www.theguardian.com

https://www.tru.ca/library/pdf/cavanagh-mander.pdf

The IMF's Dilemma in Argentina: Time for a New Approach to Lending? | Brookings

Policy Brief #111, by Carol Graham and Paul Masson (November 2002)

www.brookings.edu

https://www.tru.ca/library/pdf/cavanagh-mander.pdf

 

[g5000]

A rising number of economist have warned Joe Biden’s policies could turn the U.S. into a Latin American type of economy. On Monday, Former International Monetary Fund Deputy Director Desmond Lachman said Biden’s inflation, money printing and high government spending posed a problem for the U.S. economy.

Lachman said Biden’s policies could push the U.S. budget deficit up to 15 percent per year. He warned this was not a sustainable level of deficit spending, which may bankrupt the U.S.

"Googles 'Desmond Lachman IMF Trump spending'"

The IMF's reality check to Mr. Trump

BY DESMOND LACHMAN

The IMF certainly does not share Trump’s rosy assessment of the U.S. economy. Indeed, it reminds us that U.S. economic growth was barely 2 ¼ percent in 2019. It also forecasts that U.S. economic growth will most likely decelerate to 2 percent in 2020 and to 1 ¾ percent in 2021.

The IMF is diplomatic enough not to mention that, if realized, these economic growth rates would be below the 2 ¼ percent achieved by President Obama in his second term of office. They would also be around half of the 4 percent economic growth that Trump so confidently promised us that he could deliver.

The IMF also does not mention that under President Trump’s watch and at a time that the U.S. economy was at full employment, the U.S. budget deficit has ballooned to over $1trillion, or 5 percent of GDP, and the U.S. public debt is well on its way to exceed 100 percent of GDP.

Nor does the IMF mention how counterproductive President Trump’s trade wars have been. In the IMF’s view, Trump’s America First trade policy has been the principal reason why 90 percent of the world’s economies are now experiencing economic slowdowns. Yet despite the damage that Trump’s trade wars have inflicted on the global economy, the U.S. trade deficit has widened by some 20 percent since Trump took office.

[snip]

Judging by his remarks in Davos, Mr. Trump seems to have decided that a strong US economy will be front and center in his election campaign. Judging by the IMF’s downbeat World Economic Outlook update, it is not clear that doing so will assure Mr. Trump’s reelection in November.

 

[LeftofLeft]

Nothing new here which the Trumpsters had no problem when Trump was spending like aa drunken sailor...

There is very little quotes of Lachman himself and no quote of 'Latin America'... This is an OAN article which can be taken with a gain of salt...

There was nothing wrong when Trump did it... Same old story, becoming fisical conservatives as soon as your kicked out of the WH..

This coming from the side that inserts $10M for the study of sexual preferences among Pakistanis. What kind of spending is that? Did it come from right wing conservatives?

 

[DBA]

B******* --we have to get people all vaccinated or they are afraid to work and go out. Because of conservative brainwashed functional assholes around the world. That causes the supply chain crisis and inflation and everything else going wrong. Thanks GOP, Rupert Murdoch and the orange clown con man.

At least you have figured out part of the problem. A labor shortage is causing the slowdowns in the supply chain. The reason for the labor shortage, however, is not, in general, because people are afraid to go out and work. That is just another in a long line of excuses NOT to work. Go to the mall one weekday around 10:00am and see how many working aged folks are just chillin’ while there are help wanted signs on nearly every storefront. Between unemployment(regular, not pandemic), periodic stimulus checks, NEW child tax credits(free money), SNAP, welfare, etc. there is very little incentive to work even for $15/hr. I know you self proclaimed brainiacs solution is to simply raise their wages(as if it is so easy), but the SMART and PRUDENT thing to do would be to cut the freebees. Biden isn’t much into doing that because that is how he and other Democrats get elected, by playing Santa Claus to the gullible.

 

[francoHFW]

At least you have figured out part of the problem. A labor shortage is causing the slowdowns in the supply chain. The reason for the labor shortage, however, is not, in general, because people are afraid to go out and work. That is just another in a long line of excuses NOT to work. Go to the mall one weekday around 10:00am and see how many working aged folks are just chillin’ while there are help wanted signs on nearly every storefront. Between unemployment(regular, not pandemic), periodic stimulus checks, NEW child tax credits(free money), SNAP, welfare, etc. there is very little incentive to work even for $15/hr. I know you self proclaimed brainiacs solution is to simply raise their wages(as if it is so easy), but the SMART and PRUDENT thing to do would be to cut the freebees. Biden isn’t much into doing that because that is how he and other Democrats get elected, by playing Santa Claus to the gullible.

nope, they don't want to work retail and deal with all you brainwashed tools. or they are brainwashed tools...