When Don-old Trump was failing to grow the economy by his promised 6 percent despite massively overspending to artificially juice GDP, he demanded the Federal Reserve go negative with interest rates.
Of course, if the Fed had done that, the current inflation would be much worse than it is now. As it is, the Fed held interest rates too low for too long in the midst of a record-breaking demand surge, and that is what caused inflation.
I've heard Trump whining about inflation, even deflecting blame from himself, and putting it all on Biden as if inflation happens at the flip of a switch.
From Trump's campaign web site:
Joe Biden is the destroyer of America’s jobs and continues to fuel runaway inflation with reckless big government spending.
How hilarious is that coming from the guy who ran up more debt than Biden and demanded the Fed go negative?
Of course, the cult suffers literal blindness when it comes to Trump's massive overspending and so this talking point suckers them all.
"reckless big government spending" anyone?
But I have never heard Trump actually put forth an answer to inflation. This is like his non-existent replacement for Obamacare all over again, folks.
Trump has no solutions for anything. Just bloviating bullshit.
Not even the Heritage Foundation has a solution in their 922 page manifesto. All they do is complain about inflation. They do not offer a solution.
That's because we are already well into the one and only solution, and that solution is raising interest rates until inflation comes down to the target 2 percent.
People can bitch and whine about Biden and interest rates to score political points with the ignorant clamoring mob, but that's the only way to get the job done, kids.
Reagan went through the same thing, even more so. Inflation was much worse in the 70s and early 80s and so Paul Volker raised interest rates into the double digits, and this caused a deep recession.
You think things are bad now? Inflation reached 13.3% in 1979, so Volker raised interest rates to 18% in 1980, then 12.5% in 1981. It took until 1990 before we saw interest rate of 4 percent. Inflation didn't drop below 2 percent until 1996!
Reagan was put under severe pressure for this, but he understood the short term pain was necessary.
Once inflation was under control, America experienced an economic boom which lasted decades.
At least we are experiencing a soft landing compared to what we went through in the 80s.
Pay attention to how Trump bullshits the crowd. "You're gonna have this", "you're gonna have that", "like you've never seen before". The greatest. The best. Some people are saying.
Claims. Just claims. Never any actual details. Never any white papers. Never any actual plans laid out.
He's a huckster. It's what he does.
