Bidenomics Failing Big Time?

[Wally]

Latest economic figures shows Bidenomics is not working

The Biden Administration keeps insisting inflation is “transient,” but there are now real signs inflation is here and possibly for the long haul.

nypost.com

 

[Wally]

Federal Taxes, Spending and Deficit All Set Records Through May

The federal government set new records in the taxes it collected, the spending it engaged in and the deficit it ran through the first eight months of fiscal 2021 (October through May), according to the Monthly Treasury Statement.

www.cnsnews.com

 

[It will be fine]

Why are republicans trying to will inflation into existence? You guys realize it hurts you, right? Getting your propaganda machine to spin up inflation fears is bad for everyone. But all that matters to you people is “Biden bad!”

 

[Well-Known Member]

Why are republicans trying to will inflation into existence? You guys realize it hurts you, right? Getting your propaganda machine to spin up inflation fears is bad for everyone. But all that matters to you people is “Biden bad!”

We're not trying to will inflation into existence. It is here, and yes, it hurts everybody. There is no propaganda machine at work. Inflation is here because of Biden and the Democrats, and their spending.

Here you go. Summers and CNN, as far left as you can go.

Larry Summers sends stark inflation warning to Joe Biden

Larry Summers is urging Washington to tap the brakes on stimulus — or risk unleashing a serious burst of inflation.

www.cnn.com

 

[bbsam]

Why wouldn’t prices go sharply up coming out of a global pandemic that stagnated economies and caused prices around the world to plunge?

Seems to me that much of this has little to do with economic policy and should pretty much be expected.

 

[Wally]

Why are republicans trying to will inflation into existence? You guys realize it hurts you, right? Getting your propaganda machine to spin up inflation fears is bad for everyone. But all that matters to you people is “Biden bad!”

He is in charge. It's all on him and the party in power. If Trump was in office, CNN as we speak would have some Mom crying that she cannot afford a graduation party for her adopted, special needs child, due to inflation. Inflation news would run 24/7!

 

[fishtm2001]

We're not trying to will inflation into existence. It is here, and yes, it hurts everybody. There is no propaganda machine at work. Inflation is here because of Biden and the Democrats, and their spending.

Here you go. Summers and CNN, as far left as you can go.

Larry Summers sends stark inflation warning to Joe Biden

Larry Summers is urging Washington to tap the brakes on stimulus — or risk unleashing a serious burst of inflation.

www.cnn.com

Summers has a poor track record and he is in the minority among economists on this issue.

 

[fishtm2001]

"As long as US monetary policy makers, who have high levels of credibility, make it clear that excess inflation will only be tolerated until a clearly defined state is achieved, they prevent long term inflation expectations rising. When you add this to the argument of asymmetric risk, any fiscal stimulus needs to be targeting not just the higher inflation the Fed will tolerate, but higher than that. The Fed should have to raise interest rates in response, and if they didn’t need to you have a fiscal policy failure. (That failure is an all too likely outcome in the Eurozone and the UK.)"


Simon Wren-Lewis, Emeritus Professor of Economics and Fellow of Merton College, University of Oxford

 

[bbsam]

He is in charge. It's all on him and the party in power. If Trump was in office, CNN as we speak would have some Mom crying that she cannot afford a graduation party for her adopted, special needs child, due to inflation. Inflation news would run 24/7!

Is Fox now running those stories?

 

[Wally]

Man, Biden is hurting the middle class.

 

[bbsam]

Man, Biden is hurting the middle class.

Middle class has been getting the shaft since the 1980’s. And they keep voting for people who keep bending them over and driving it deeper.

 

[Wally]

 

[Sportello]

Man, Biden is hurting the middle class.

How’s your 401k doing?

 

[Well-Known Member]

Summers has a poor track record and he is in the minority among economists on this issue.

He may be in the minority, only because some economists are fearful to come out with a public opinion on the matter. But, of those that did, at least a quarter of the economists believe that inflation is here to stay. I would not blow off 25% of the experts, especially some of the experts who have been right about almost everything in the past.

The Case For Inflation : The Indicator from Planet Money

The latest Consumer Price Index reveals 5% inflation over the last year. Should we be worried? Treasury Secretary Yellen says no. Two economists argue yes. The Indicator presents... the inflation hawks!

www.npr.org

How about David Roche and CNBC?

Top investment strategist David Roche says inflation is here to stay. Here’s why

Higher inflation is here to stay, according to veteran investment strategist David Roche, who described the view that higher prices were temporary as "most unlikely."

www.cnbc.com

Campbell Harvey of Duke University?

Inflation is here to stay and may top 4% this year, says professor with a peerless record of predictions

Campbell Harvey of Duke University says "what we're seeing today is a readjustment of longer-term expectations" as higher housing costs and salaries won't...

www.marketwatch.com

For as many stories you can cite against long term inflation, I can cite experts warning of log term inflation. Nobody really knows for sure, but the economists who have almost always been right in the past, I tend to believe. We will find out. I suggest you bookmark this thread, because when inflation stays around, I'd hate to say I told you so.

 

[fishtm2001]

He may be in the minority, only because some economists are fearful to come out with a public opinion on the matter. But, of those that did, at least a quarter of the economists believe that inflation is here to stay. I would not blow off 25% of the experts, especially some of the experts who have been right about almost everything in the past.

The Case For Inflation : The Indicator from Planet Money

The latest Consumer Price Index reveals 5% inflation over the last year. Should we be worried? Treasury Secretary Yellen says no. Two economists argue yes. The Indicator presents... the inflation hawks!

www.npr.org

How about David Roche and CNBC?

Top investment strategist David Roche says inflation is here to stay. Here’s why

Higher inflation is here to stay, according to veteran investment strategist David Roche, who described the view that higher prices were temporary as "most unlikely."

www.cnbc.com

Campbell Harvey of Duke University?

Inflation is here to stay and may top 4% this year, says professor with a peerless record of predictions

Campbell Harvey of Duke University says "what we're seeing today is a readjustment of longer-term expectations" as higher housing costs and salaries won't...

www.marketwatch.com

For as many stories you can cite against long term inflation, I can cite experts warning of log term inflation. Nobody really knows for sure, but the economists who have almost always been right in the past, I tend to believe. We will find out. I suggest you bookmark this thread, because when inflation stays around, I'd hate to say I told you so.

Inflationary expectations are still pretty well anchored at just over 2%, so it appears that investors aren't too worried about a long-term inflationary spiral.

 

[Well-Known Member]

Why wouldn’t prices go sharply up coming out of a global pandemic that stagnated economies and caused prices around the world to plunge?

Prices did not plunge, except for oil. Prices dropped because inflation went down to about zero. But you are correct, prices should rise up a little to where they were before the pandemic. The problem is that they are going well above where they were,

Typical inflation is around 1-2% We are around 4% now, almost double where it should be.

Seems to me that much of this has little to do with economic policy and should pretty much be expected.

Stick to what you know. You would make a lousy economist. The Biden administration's out of control spending is adding to inflation, although it is not the sole cause. You can't give away trillions of dollars with no way to pay for it and expect to keep inflation in check. And if you raise taxes to pay for it, you also can't keep inflation in check.

 

[Well-Known Member]

Inflationary expectations are still pretty well anchored at just over 2%, so it appears that investors aren't too worried about a long-term inflationary spiral.

Try again

United States Inflation Rate

Inflation Rate in the United States increased to 3 percent in January from 2.90 percent in December of 2024. This page provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

 

[bbsam]

Prices did not plunge, except for oil. Prices dropped because inflation went down to about zero. But you are correct, prices should rise up a little to where they were before the pandemic. The problem is that they are going well above where they were,

Typical inflation is around 1-2% We are around 4% now, almost double where it should be.



Stick to what you know. You would make a lousy economist. The Biden administration's out of control spending is adding to inflation, although it is not the sole cause. You can't give away trillions of dollars with no way to pay for it and expect to keep inflation in check. And if you raise taxes to pay for it, you also can't keep inflation in check.

Be honest with what you know. The US government has been giving away trillions with no way to pay for it for decades. And that’s all been with the knowledge of all the brilliant economists who know all about such things.

If we are driving off the cliff and Biden is at the wheel, it’s been a long hard drive to get there with a lot of drivers adding turbos and nitrous at every mile.

 

[Old Man Jingles]

Why are republicans trying to will inflation into existence? You guys realize it hurts you, right?
Getting your propaganda machine to spin up inflation fears is bad for everyone.
But all that matters to you people is “Biden bad!”

Biden is bad because his actions are causing INFLATION!

 

[Well-Known Member]

Be honest with what you know. The US government has been giving away trillions with no way to pay for it for decades.

You are correct, but the problem is that the government has given away trillions on top of the trillions that they give away in just the last year, and are poised to give away trillions on top of that in the next several months.

Every economist expects this to cause inflation to rise. The big, and unanswered question, is whether this inflation is temporary, or permanent.