If you look at the prices that are top of mind for regular folks, inflation turns out to have been astonishingly high in mid-2022 -- far higher than the headline Consumer Price Index. Now, however, it's at a very benign 2%.
I've never heard any reasonable explanation from the MAGA cult of how exactly this inflation was Biden's fault.
#4 | POSTED BY WHATSLEFT
I don't believe it is, ALL his fault. Yet he has contributed to it, and hasn't begun to address root causes.
My guess would be a combination of a society flush with COVID money, combined with the effects of the Ukraine conflict.
Yes, but I don't believe Ukraine had much affect on inflation. Certainly less than the supply chain issues of JIT manufacturing.
The hyper inflation we experienced was decades in the making.
idk about decades, but certainly since the housing collapse. The Fed has been sucking up assets, which is "creating" money.
coinchapter.com
I think this is interesting. It would have been even more interesting to see a theory as to why this happened.
If you look at the linked chart above, the Fed had been selling assets (reducing money supply), but its still quite high, but perhaps back to a new normal 3-4%.
All of this gets destroyed when the debt servicing starts accelerating non-linear, which is almost has, its right on the cusp.
$1Trillion in debt spending every 100days.
www.msn.com
I am sure taxing the rich will solve the problem.
I don't think they realize what has to happen for deflation to occur and that that will likely be a bigger economic impact on them than current prices.
#35 | POSTED BY JPW
What they especially don't realize is that deflation is a greater risk to the rich, and thus to the economy as a whole, than (even hyper)inflation is. Because rich people, and corporations, run on debt, and inflation makes debt cheaper.
ELI5: Why is deflation worse than inflation?
www.reddit.com
That's not the big issue. If you taxed them all at 100%, there's not enough money to fit congressional wishes. There's no evidence whatsoever they wouldn't continue to accrue massive debts by growing services.
#28 | POSTED BY SITZKRIEG
Even if you cut ALL welfare spending, we still run a trillion dollar deficit.
Part of the problem is a $650 billion interest payment on the debt. 1/3 of that is thanks to Trump.
Look at the budget and try to balance it with some serious tax hikes:
usafacts.org
"I said it affected very very few."
A very very few people hold more wealth than the bottom 50% of Americans.
Top 1% Of U.S. Households Hold 15 Times More Wealth Than Bottom 50% Combined
www.forbes.com
Tax them.
"Because liberals invested in their future and it paid off, while republicans were digging flamable rocks out of the ground and blaming others for their failures."
Texas could have built the Superconducting Supercollider.
But Republicans hate science.
How Texas Lost the World's Largest Super Collider
www.texasmonthly.com
you don't care about deficits.
#100 | POSTED BY EBERLY
He does, he just wants to extract more and more to cover them.
It's not a D or R issue, you need both, and you need both in check. Right now revenue matches historical norms, spending does not. Thats a fact.
There's even a "law"
en.m.wikipedia.org
A single party state is California. It's being destroyed from the inside.
You can't blame Rs for what is happening to the State.
Drudge Retort Headlines
Iran President Helicopter Crashes (37 comments)
'Bleach Blonde, Bad Built, Butch Body' (35 comments)
New Ad Dares Trump to Testify (19 comments)
Trump Wants to Control the Justice Department and FBI (11 comments)
5 Takeaways from Robert Menendez's Corruption Trial (11 comments)
Giuliani Served with Indictment at His 80th Birthday Party (10 comments)
Man Arrested After Threatening Biden (9 comments)
Scientists May Have Solved Mystery Behind Egypt's Pyramids (9 comments)