What did Joe Biden do to cause so much inflation, and what should Joe Biden do to curb inflation?

[Freedomisneverfree]

Swallow some dynamite!

 

[Stormy Daniels]

Just like the two presidents before Biden.....all three presidents didn't curb the spending.
Maybe with this new Speaker of the House, the spending will start to wane.

If that was the case then inflation would have been equally high for decades. There simply isn't a correlation between overall government spending and inflation.

 

[Mr Natural]

You have issues when you lie that way.
Start with a university book about economics. Most are pretty good.
Read Money Mischief by Milton Friedman. Milton was one of the worlds very best economists.
Free to Choose also by Friedman.
Capitalism and Freedom, again by Friedman.
Road to serfdom by Friedman Hayek
I won't name internet sources yet some of them are good as well.

My economics books are still packed in a box. I shall open that box to instruct you further.

Friedman?

Isn’t he the quack who advocates for the abolition of medical licensure?

 

[Stormy Daniels]

Anything and everything that increases worker wages and helps the environment increases inflation. Also, Covid lockdowns and payments to people for not working and stopping rent payments and adding to the national debt increases inflation. Unfortunately, there is no time machine to reverse what Democrats have already done but we can sure as hell stop future similar nonsense.

All that COVID payment stuff was done before Biden, and is long over. So what did Biden do to cause it, and what should he do to curb it?

 

[Stormy Daniels]

Spending and stop spending. That, and his jihad against oil.

You're just saying buzz words.

 

[White 6]

I am shocked you do not know that Biden did declare Jihad on oil. Why don't you know about that. it was in his executive orders on his first moment in office.

I know what the production numbers show. You pay numbers no attention?
Tell me this. When Covid shut down that industry and then the rest of industry went back to work in the late spring and summer of 2020, why didn't the oil industry turn the taps back on? You know, they probably cost Donny the election, right?
I'm glad they got it together after 2021. Best projections say they will add another 500,000 barrels per day next year on top of already record production.

 

[Robert W]

BS. He did not have to approve the Willow Project or the Natural Gas project in southern Alaska. He did, though, no matter what the enviro-maniacs wanted. Talking that crap got them to back him in the election though. Sounds like a politician, to me.

What makes you credit Biden for the Willow Project? It seems pretty long range to me which leaves Biden out.

The Willow project is on land that the federal government designated for petroleum development and is subject to strict environmental protection requirements.​

Willow is located on the National Petroleum Reserve-Alaska (NPR-A), land which was set aside 100 years ago specifically for petroleum development. Roughly the size of Indiana, the NPR-A covers approximately 23 million acres. The Willow gravel footprint is 385 acres, which is less than 0.002% of the total NPR-A. In the area where development will occur, activities are comprehensively regulated to protect air, water, wildlife and other valuable public resources.

 

[Stormy Daniels]

Do you understand that it is impossible for government to “pour money into the economy”? Government cannot give out any wealth without first taking it. Any money that government puts into the economy, is money that it first took out of the economy, minus the cut that government takes to line its own pockets.

You're stuck in a failed zero sum view of economic activity.

 

[Robert W]

I know what the production numbers show. You pay numbers no attention?
Tell me this. When Covid shut down that industry and then the rest of industry went back to work in the late spring and summer of 2020, why didn't the oil industry turn the taps back on? You know, they probably cost Donny the election, right?
I'm glad they got it together after 2021. Best projections say they will add another 500,000 barrels per day next year on top of already record production.

You gave me the information i suspected is true but you proved it is true.

Donny huh? This means you are a fan not of Trump, but of Biden.

You mentioned the Willow Project.

So I decided to do Due diligence on this as well.

Alaska’s entire bipartisan U.S. Congressional delegation supports the Willow project.​

Alaska’s entire U.S. Congressional delegation – Democrats and Republicans – supports Willow because of the benefits it will provide to the state of Alaska and Alaska Native communities, while also enhancing U.S. energy security.

Read more:​

7

The Alaska legislature unanimously approved the Willow project.​

The Alaska state legislature unanimously adopted a resolution supporting Willow, urging President Biden and the Department of Interior to approve the project.

• Read the Alaska State Legislature’s unanimous resolution in support of the Willow project, here.

 

[Stormy Daniels]

You are an economic idiot.

You do understand what the debt is right?

You folks bitch enough about it

Are you suggesting that--maybe, just maybe--there is some connection between credit activity and economic growth?

 

[Bob Blaylock]

You're stuck in a failed zero sum view of economic activity.

When you're talking about government redistributing wealth, it is zero-sum. Actually less than zero sum, takin into account the costs that government piles on top of what it redistributes.

Real economic activities involves workers and companies creating goods and services of value, from resources less valuable than what they use to do so.

 

[Rawley]

You're just saying buzz words.

Is there something about my "buzz words" that you don't understand? Would you prefer some scholarly articles on the inflationary effect of printing trillions of dollars and injecting them into the money supply?

 

[JGalt]

I'm not sure the answer to either. Let's discuss.

Joe Biden can't do anything about anything. All Joe Biden can do is fuck things up.

Joe Biden has the reverse Midas Touch, everything he touches turns to shit.

Like Barack Obama said, "Don't underestimate Joe's ability to fuck things up."

That's an actual quote, look it up.

 

[Stormy Daniels]

Swallow some dynamite!

No.....that's sure to cause massive inflation.

 

[Stormy Daniels]

When you're talking about government redistributing wealth, it is zero-sum.

And since nobody is talking about that, you look like a fool.

 

[Stormy Daniels]

Joe Biden can't do anything about anything. All Joe Biden can do is fuck things up.

Joe Biden has the reverse Midas Touch, everything he touches turns to shit.

Like Barack Obama said, "Don't underestimate Joe's ability to fuck things up."

That's an actual quote, look it up.

Ok. But you didn't address my questions.

 

[Robert W]

You're stuck in a failed zero sum view of economic activity.

To understand his claims, let's picture a huge money wheel. And it has a design similar to water wheels. This is a fiction to illustrate a truth.

At the bottom the factory of money loads money into buckets while they turn. Up goes the money into the consumers then the economy.

A good way to also see this is the consumers only created money are checks to keep it simple. (I am trying to recall from my college days other ways the public creates money) Such as credit cards.

All the Fed does is measure all of this and either increase the supply of money or pull money out and work to restrict it's use. Increases in money encourages the use of money.

 

[Arlette]

I'm not sure the answer to either. Let's discuss.

Inflation is down, corporate profits are up. Figure it out

 

[Meister]

If that was the case then inflation would have been equally high for decades. There simply isn't a correlation between overall government spending and inflation.

Ummmm, I disagree with you. There is a correlation between (1) government spending (2) feds printing money (3) and inflation.

We are no longer in the billions, we are in the trillions, and interest on our borrowed money going up every year. It's a no brainer.

Payments will grow larger​

One reason why payments will soar further is that the majority of the nation’s debt was issued when the average interest rates on shorter-term Treasury securities was much lower – less than 3% in many cases, Goldwein said. That debt is now rolling over into Treasuries that are paying roughly between 4.5% and 5.5%.

“It’s only going to get worse from here, at least for a while,” he said.

Rising rates on Treasuries helped propel the average interest rate on the debt to 2.97% for fiscal year 2023, up from 2.07% the year before and 1.61% in fiscal year 2021, Dwyer said.

The spike in payments was evident in October, the first month of fiscal year 2024, though experts caution against drawing too many conclusions from a single month. The government paid $76 billion last month, up 77% from the $43 billion tab in October 2022.

The Congressional Budget Office’s long-term projections provide a glimpse into how much larger net interest payments could grow. They are expected to hit $1.4 trillion by fiscal year 2033 and $5.4 trillion by fiscal year 2053, according to an agency report issued in July.

As a share of the economy, the payments will jump from 1.9% of GDP in fiscal year 2022 to a record 3.2% by 2030 and to 6.7% by 2053.

“It makes it more and more imperative that lawmakers actually make structural changes to the budget in the years ahead because this problem is at risk of spiraling,” Lautz said.

https://www.cnn.com/2023/11/16/politics/interest-payments-federal-government-debt/index.html#:~:text=Rising%20rates%20on%20Treasuries%20helped,fiscal%20year%202021%2C%20Dwyer%20said.

We need to cut spending now....and Biden is the president.

 

[White 6]

What makes you credit Biden for the Willow Project? It seems pretty long range to me which leaves Biden out.

​

The Willow project is on land that the federal government designated for petroleum development and is subject to strict environmental protection requirements.​

Willow is located on the National Petroleum Reserve-Alaska (NPR-A), land which was set aside 100 years ago specifically for petroleum development. Roughly the size of Indiana, the NPR-A covers approximately 23 million acres. The Willow gravel footprint is 385 acres, which is less than 0.002% of the total NPR-A. In the area where development will occur, activities are comprehensively regulated to protect air, water, wildlife and other valuable public resources.

It was tied up in the courts while Trump was in office and after that, Congress had to buy off on it and then he did his signing with those Alaskan Senators, Representatives, along with the Conoco-Phillips people in attendance, just as I watched live on TV. It was carried on FOX, CNN and MSNBC. Trump had been out of office for a year and four months, by that time.

What tears you guys up, is that he did the largest project in 30 years, and we still got to keep the Alaskan National Wildlife Refuge. Republicans hate that. To them, Oil is supposed to be an either/or proposition and they don't even want to talk about having good oil and gas supply, along with good stewardship of the environment. Having both, wasn't on the table with Trump. That is pretty strange, as it was Republicans that started the environmental movement, during the Nixon Administration, but now, they spit on environmental issues, as being anti-progress.