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  1. #82666
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    Why is it the president can't do anything about inflation? I'm not an economic major, but cant he try and offset some of it? Can't you temporarily cut taxes to help? An EO? Can't States suspend or lower sales taxes?

    I'm just asking.

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    In the inflation of the 1970s and early 1980s most prices never came back down to pre inflation levels. I suspect the same here. That inflation was from the OPEC embargo. This ones from a virus and a global shutdown with 10s of trillions in various currencies printed up for people to stay home. Trumps maybe more to blame then Joe. Joe just tried to cover it up and was not honest about the transitory BS. Gerald Ford had WIN buttons to fight inflation. Whip Inflation Now. It wasn't until Paul Volecker who took the federal funds rate to like 17% and the oil was flowing again that got CPI down to 2% again.
    Last edited by edwardv; 06.25.24 at 09:29 AM.
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    Quote Originally Posted by ziggysmalls View Post
    I don't like Biden but will agree he isn't responsible for all of the inflation. That said more than half of it is. I do recall towards the end of COVID hysteria he put a COVID bill up and nobody was asking for it. Everybody said "don't do it" He did. When you are in debt and reeling, you need to tighten up. He went the opposite. Trump spent like a sailor on shore leave. Biden continued the process and then some.

    He and his economic advisors also didn't treat inflation properly. We were told it was transitory when we all in fact knew it wasn't. Like the border. For three years there was no crisis. Just a a MAGA made up theory. Then he went "shit we have a problem" Came up with a shitty ass bill that didn't do anything and when the GOP didn't want it, he blamed Trump for the border crisis.

    So I agree he isn't responsible for all of the inflated numbers but he sure didn't help and helped accelerate it with poor response to when it started.
    Not saying it's right or wrong. But my understanding of it is that SOME of the Biden spending is infrastructure (be it roads, bridges, internet, etc); additionally SOME of it was stuff like the CHIPS thing -that encouraged building chips in the USA. Those are good things IMO. Ya, for sure, some of it was an extension of COVID relief; when Trump did it - I was actually ok w/ some of it (per Trump, his execution was YUGELY flawed), but the concept of ensuring Americans felt safe, wouldn't worry about losing their homes, being able to feed families because of a pandemic was valid. Additionally, money to business to ensure they wouldn't go broke was also important - but flawed (again) in execution. The COVID thing was scary times for many - so providing assurances to your citizens is super important. Continuing that support in 2021; while we were becoming more accustomed to living with it - there were still scary times that could have happened.
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    Quote Originally Posted by CaboChris View Post
    Why is it the president can't do anything about inflation? I'm not an economic major, but cant he try and offset some of it? Can't you temporarily cut taxes to help? An EO? Can't States suspend or lower sales taxes?

    I'm just asking.
    Some would call that socialism. Reality is that inflation is (right now) about greed. So, either governments tax the shit out of corporations and put $ back into our pockets, or corporation start realizing they can't continue earning margins they saw during COVID thinking it was some wiz bang marketing campaign that drove their profits.

    I think the best way to smarten corporations up it with your pocket book. Don't want to pay a 30% / 40% premium over pre-COVID levels, don't buy the product. Watch how quickly those items 'go on sale'. In Canada, we have rolling boycotts of grocery retailers; Loblaws (our largest chain) was first hit...in classic Loblaws fashion, they held prices...then Walmart said 'well, here is an opportunity' and beat them on pretty much every promotional item - and Loblaws lost consumers (and it is REALLY expensive to get a consumer back after you've lost them)...so, a boycott created competition, which is helping to drive down food costs.

    Building on the above example, two years ago, medium ground beef sold for $2.99 / lb at Loblaws. 12 months ago it sold for $3.49/lb. Beginning 2024, it was $3.99/lb. One month ago (just as the boycott was starting) it went up to $4.49 /lb. This weeks flyer had it at $3.77/lb (one month after the boycott started). Competition works. Problem is, it's a SLOW process.
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    This interview got some attention.




    (0:00) bestie intros: big house talk!

    (1:37) economy: regulation, taxes, tariffs, taming inflation, de-dollarization

    (12:02) federal debt: growth, spend control, where to cut, role of energy, nuclear

    (20:22) foreign policy: ukraine/russia

    (25:05) foreign policy: israel/palestine

    (28:13) abortion: stance on a national ban

    (31:09) foreign policy: china

    (32:33) covid: origins, fauci relationship, deep state, bad deals

    (39:39) border: wall, immigration, h-1bs, recruiting global talent

    (46:07) jfk files: full release, importance of transparency

    (48:06) debate prediction

    (50:15) post-interview debrief


    †"He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

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  8. #82671
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    Quote Originally Posted by Scott View Post
    Not saying it's right or wrong. But my understanding of it is that SOME of the Biden spending is infrastructure (be it roads, bridges, internet, etc); additionally SOME of it was stuff like the CHIPS thing -that encouraged building chips in the USA. Those are good things IMO. Ya, for sure, some of it was an extension of COVID relief; when Trump did it - I was actually ok w/ some of it (per Trump, his execution was YUGELY flawed), but the concept of ensuring Americans felt safe, wouldn't worry about losing their homes, being able to feed families because of a pandemic was valid. Additionally, money to business to ensure they wouldn't go broke was also important - but flawed (again) in execution. The COVID thing was scary times for many - so providing assurances to your citizens is super important. Continuing that support in 2021; while we were becoming more accustomed to living with it - there were still scary times that could have happened.
    Sure some COVID spending was necessary but we went overboard. Every president spends worthwhile money. Won't disagree that Biden did that.

    I was referring to some of the questionable stuff like his 2021 COVID which amounted to 2 trillion. The "Inflation reduction" bill which is about 800 billion over a decade. Ironically that bill did nothing for inflation but was to promote green energy. That one after passage really set things off.

    Then you have the Ukraine war which is about 200 billion. 3 trillion just for the above. Inflation his first year was 4.3 percent. His second year was 8.3 and then another 4,1. So he had a year to do something about it when it started climbing and again we were told it was "transitory"

    I understand during COVID something had to be done but he had a chance to reign it in and went against economic device by spending 3 billion dollars. That was unacceptable and he made a difficult situation into what we all experienced today. Trump surely helped along with Obama and GW with our debt. Biden finished the incompetence job and then some

    Then add his buying of votes with college debt relief. Estimates on what he wanted to spend was about 1 trillion. That was overruled by the Supremes and while he says nobody is above the law, he is finding other ways to do this.

    Again some spending is necessary and nobody is innocent. That said Trump may have pushed us to the edge. Biden pushed us in the hole

  9. #82672
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    Even without the Covid spending, Trump added to our national debt twice as much as Biden has. Still time though...

    Regarding Covid stimulus, I agree with ziggy, Biden was still putting together Covid packages pretty much after our masks were off. Then there's the student forgiveness B.S.

    Spending remains a problem for our government regardless of who's in office. And that includes Trump.

  10. #82673
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    Trumps a spender not a taxer so was Bush Jr contrary to part of R party mantra ie tax less /spend less. It's like all the local Rs in York County PA which is like 85% R. The property taxes go up yearly and I have been here since 1986 so I know. I tell them all that when they are standing outside the Fire house on election day. There answer is..You want police, fire, good schools? You have to pay! My reply ...Yes I do but I don't want to pay their pensions and maybe fix police cars, fire trucks and school buses not buy new ones yearly! Uni party.
    10-6-2020 RIP King of sixstrings.

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    Quote Originally Posted by KS 5150 View Post
    As an outside viewer I still think it's hilarious that Biden gets all the blame for post-Covid inflation. Our inflation up in Canada was just as bad as yours and I know that it was bad in Europe as well. I guess Biden did all of that too?

    Please explain
    Based upon your post, I am not sure you understand how inflation works. You can have high inflation in one country, and not in another, based upon different fiscal and monetary policies enacted in the different countries. Yes, the global economy plays into it, but each country's decisions impact the value of its own currency.
    Last edited by Dave's Dreidel; 06.25.24 at 05:42 PM. Reason: grammar
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    Quote Originally Posted by CaboChris View Post
    Why is it the president can't do anything about inflation? I'm not an economic major, but cant he try and offset some of it? Can't you temporarily cut taxes to help? An EO? Can't States suspend or lower sales taxes?

    I'm just asking.
    He can't do shit directly, he can use his bully pulpit to try and influence Congress and influence the Federal Reserve. The Federal Reserve controls the money supply, Congress controls fiscal policy, the POTUS in this instance is just the guy with the bullhorn.
    If I don't respond to you it means I have you on ignore, which means you are a douchenozzle.

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    Quote Originally Posted by Scott View Post
    Reality is that inflation is (right now) about greed.
    THIS
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    Quote Originally Posted by VH1986 View Post
    THIS
    Wealthy people make money during a time like this. The high interest rates don't impact them because they don't have debt. And yeah, high inflation hurts, but have you seen the returns hedge funds are making? They are killing it, and their hard assets like houses increase in value faster in time of high inflation.
    If I don't respond to you it means I have you on ignore, which means you are a douchenozzle.

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    Quote Originally Posted by Dave's Dreidel View Post
    Wealthy people make money during a time like this. The high interest rates don't impact them because they don't have debt. And yeah, high inflation hurts, but have you seen the returns hedge funds are making? They are killing it, and their hard assets like houses increase in value faster in time of high inflation.
    What you are saying is that wealthy people have little incentive to promote or affect lowering inflation. And, it doesn't matter which party is in power, because the wealthiest donors and political operatives don't really want to curb inflation.
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    If their investment returns are greatly outpacing inflation, it isn't a concern for them.

    Economics and personal wealth management is really just simple math. If inflation is 9% but you made 30% in the stock market, and you have an amount invested in which the higher return exceeds the increased costs, inflation doesn't bother you.

    Not to you in particular, but people make economics and personal finances more complicated than it actually is.
    If I don't respond to you it means I have you on ignore, which means you are a douchenozzle.

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    A man's rights rests in three boxes: the ballot box, the jury box, and the cartridge box

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    Think corporate greed is the leading cause of inflation? Think again
    Matt Egan
    By Matt Egan, CNN


    https://www.cnn.com/2024/05/15/busin...fed/index.html
    10-6-2020 RIP King of sixstrings.

 

 

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