Do you realize that we did not manufacture anything in this country when biden came into office. We did not make any evs, we didnt make solar panels, we had no critical supply chain, we had zero battery manufacturing. I dont think people have any idea how hallowed out our industrial base was when biden came into office. Within 3 years and a 50/50 senate hes been able to onshore over 500 billion dollars of manufacturing with over 300k high paying jobs coming. If we want to not have inflation we need to bring back our critical supply chains back to America.
Because what causes inflation changes. Look up the bullwhip effect. Some of the initial inflation issues stemming from the pandemic have been resolved. We also had Russia capitalize on the pandemic by blackmailing the world on commodities in regards to its invasion of Ukraine. And we have a tight labor market due to a major generation that is retiring. It may hurt your brain…. But inflation is more complicated than just the money supply.
That really has nothing to do with the inflation, unless you are saying the inflation is caused by having American manufacturing, in which case we should go back to importing goods for cheaper. Yes, it is always something else that is causing the inflation. It can't be monetary policy. It is a series of things, none of which had anything to do with government policy.
Where did I say that? I said it was complicated. Of course massive spending by consecutive administrations was a major factor initially, but clearly "monetary policy" isn't the only reason or the major reason why in July 2023 inflation is still high. If Trump was re-elected he would have spent like Biden as his record (pre pandemic and pandemic) indicates because deflation is scarier than inflation.
ur entitled to your opinion, but not to fabricate your own "alternate reality" i suggest you read, and try to understand, the latest CPI/PPI report before making up craps a projection of your lack of understanding.
In your post that I quoted, where you gave a list of what you said is causing the inflation and nothing on the list was the massive government spending, it was the pandemic, then Russia, then retirements. Maybe you just forgot to include trillions of dollars of spending by the government. Oh, so massive spending IS a driver of inflation, especially before, but not so much any more (even though we still have massive spending). I agree that Trump would have had massive spending as well, he was the President in office when they started just sending people thousands of dollars for doing nothing. I don't agree that the options are inflation or deflation. You can have a stable (or mostly stable) system that has neither inflation nor deflation. Most importantly, the federal government can just stop spending money and let the marketplace operate.
Just going to point out that when the economy was largely left just to the market and there was gold standard there was much less stability in inflation and deflation. The Great Depression was a massive deflation.
“Just let the marketplace operate” with no government involvement would be like letting my 8 year old and her entire 2nd grade class go to Disney world without parents and with my credit card. A capitalist system cannot work without regulation to provide fairness which then provides competition which then leads to a marketplace that serves consumers instead of a “free market” that only leads to monopoly.
This is one of the points that I bring up in these kind of discussions. We already tried a largely Libertarian economic model, prior to FDR leading the shift to a more regulatory and government involved economy we didn’t just have occasional recessions we had occasional depressions. Also we had robber barons, dangerous workplaces and dangerous food.
show me an economy with neither inflation nor deflaction, I'll show you a dead economy, an economic corpse
We also had the United States grow from a colonial backwater to a world superpower. We also had zero income taxes. The Great Depression happened after the implementation of Federal income tax, the Smoot-Hawley Tariff, the Interstate Commerce Commission, and most of it during the New Deal.
you do know that the New Deal came after the Great Depression. also the smoot hawley Tariff act was sponsored by 2 Repugs and signed into law by a Repug president, Hoover during Hoover time, High tariffs were a means not only of protecting infant industries, but of generating revenue for the federal government. They were also a mainstay of the Republican Party, which dominated the Washington political scene after the Civil War. Dems were more for foreign trade, a precursor the globaiztion
No, it did not. The first New Deal legislation was in 1933. The Great Depression lasted from 1929 to 1939, the New Deal was a series of laws and policies passed from 1933 through 1939. So, as I said, most of the Great Depression happened during the New Deal. Yes, Republicans are also bad.
Yeah that's not accurate at all. If I recall from grade school, taxation started in the mid 1800's in the US. I'm guessing you also want to argue about how great things were in the US prior to the Civil War then I guess? Sounds like someone a Ayan Rand Libertarian would certainly say nowadays. I actually learned first about taxation from the Bible. That's how old, and necessary taxation goes back in a modern human government (The Roman government structure is what our modern Democratic Republics are borrowed from in many ways). I'm sure even back in the early human tribes there was some form of "commons" practice where everyone contributed a little bit of their harvest, or whatnot in order to serve the larger tribe. I really just don't understand the magical thinking of Ayan Rand Libertarians and MAGA Republicans who just have such fantastical and illogical thinking about pretty much every governmental and societal principle.
Taxation has always existed as long as there have been people in control of other people and started in the United States well before the mid 1800s. Federal income tax did not. As a system of taxation and economics, things were great before the civil war, that was the expansion from a backwater colony that had just barely won freedom from the British Empire to a global power. It was more the slavery that was the issue. Somehow, the United States was able to survive for over 100 years without Federal Income Tax (which was authorized by Constitutional Amendment in 1913). Technically there was an income tax imposed from 1861 through 1866 of 3% then 3-5%, then another passed in 1894 that was ruled unconstitutional. So the first lawful Federal Income Tax was passed in 1913, and for most of the first 125 years or so, the US had no Federal Income Tax (mostly tariffs paid for the very limited government).
Biden just cancelled 39bn in student debt. https://www.cnbc.com/2023/07/14/bid...n-student-debt-for-some-800000-borrowers.html Let's go JOE ! DD
Biden has literally transformed the entire higher education process and yet literally nobody in America knows. I literally just don't get. His new idr plan transforms how college loans are processed and nobody in America cares. I just don't get it
