Biden's Economy?

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Gadianton
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Re: Biden's Economy?

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Milton Friedman wrote:Inflation is always and everywhere a monetary phenomenon.
Thanks for playing, Ajax.
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Re: Biden's Economy?

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Ha, at least one right winger isn't ready to throw Milton under a bus, from the Hoover Institute:

https://www.hoover.org/research/inflati ... -and-false
Is the fear of Carter-era inflation justified? Is the increase in gasoline prices a sign of higher inflation? Is the fear of hyperinflation justified? With President Biden implementing and proposing various policies that will hurt economic growth, is there much danger in the short run of a return to stagflation? My answers: somewhat, no, no, and no.
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Re: Biden's Economy?

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Gadianton wrote:
Tue Dec 14, 2021 6:07 pm
Ha, at least one right winger isn't ready to throw Milton under a bus, from the Hoover Institute:

https://www.hoover.org/research/inflati ... -and-false
Is the fear of Carter-era inflation justified? Is the increase in gasoline prices a sign of higher inflation? Is the fear of hyperinflation justified? With President Biden implementing and proposing various policies that will hurt economic growth, is there much danger in the short run of a return to stagflation? My answers: somewhat, no, no, and no.
An aside:

Gad, several years ago, didn't you do a whole series where you summarized various schools of economics? Or something like that? If so, and I'm not misremembering, would you link to it? I'd love to read it again.
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Re: Biden's Economy?

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Gadianton wrote:
Tue Dec 14, 2021 6:07 pm
Ha, at least one right winger isn't ready to throw Milton under a bus, from the Hoover Institute:

https://www.hoover.org/research/inflati ... -and-false
Is the fear of Carter-era inflation justified? Is the increase in gasoline prices a sign of higher inflation? Is the fear of hyperinflation justified? With President Biden implementing and proposing various policies that will hurt economic growth, is there much danger in the short run of a return to stagflation? My answers: somewhat, no, no, and no.
One thing to be said for the Chicago school economists is that they are consistent. ;)

I think it would be interesting to read a monetarist analysis of how the fed was able to keep interest rates so low for so long without the economy overheating and inflation rising. I’m guessing part of the explanation would be the trade deficit, which gave American consumers lots of cheap goods to buy. But an interesting part might be the velocity of money. The country has accumulated an enormous amount of wealth since the days of Jimmy Carter. But the working and middle classes didn’t get much of a share. The spoils went to the wealthy, who spend a much lower percentage of their income. Had the working and middle classes shared in that increased wealth, more of the money would have been spent rather than accumulated, raising the velocity of money.

So, have we avoided inflation by simply making sure that the wealthy get all the increased wealth while working class folks have had their real income stagnate? And when the result of labor shortages allowing the folks at the bottom to get a piece of the pie is inflation, who will be forced to give up a share of pie?
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Re: Biden's Economy?

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Res Ipsa wrote:
Tue Dec 14, 2021 9:30 pm
Gadianton wrote:
Tue Dec 14, 2021 6:07 pm
Ha, at least one right winger isn't ready to throw Milton under a bus, from the Hoover Institute:

https://www.hoover.org/research/inflati ... -and-false

One thing to be said for the Chicago school economists is that they are consistent. ;)

I think it would be interesting to read a monetarist analysis of how the fed was able to keep interest rates so low for so long without the economy overheating and inflation rising. I’m guessing part of the explanation would be the trade deficit, which gave American consumers lots of cheap goods to buy. But an interesting part might be the velocity of money. The country has accumulated an enormous amount of wealth since the days of Jimmy Carter. But the working and middle classes didn’t get much of a share. The spoils went to the wealthy, who spend a much lower percentage of their income. Had the working and middle classes shared in that increased wealth, more of the money would have been spent rather than accumulated, raising the velocity of money.

So, have we avoided inflation by simply making sure that the wealthy get all the increased wealth while working class folks have had their real income stagnate? And when the result of labor shortages allowing the folks at the bottom to get a piece of the pie is inflation, who will be forced to give up a share of pie?
Well I guess if you have enough to feed your family, you should not really be permitted to ask anything more from the economy. Better our children be born into perpetual debt and poverty than grandma die a year or two earlier because these selfish young people keep going to work. They have blood on their hands.

The global left trashed the world economy in the vain attempt to eradicate COVID to zero percent. The next excuse to stagnate the economy further will be the climate change crisis. And many people will vote for it because they believe the leftist lie that the government can do anything and everything for them. Whatever the problem, a government program is always the solution.
And when the Confederates saw Jackson standing fearless like a stonewall, the army of Northern Virginia took courage and drove the federal army off their land.
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Re: Biden's Economy?

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ajax18 wrote:
Wed Dec 15, 2021 2:28 pm
The global left trashed the world economy in the vain attempt to eradicate COVID to zero percent.
What a pathetically ignorant remark. In March 2020, a full year before Biden took office and a full eight months before the election, the stock market plummeted 30% and unemployment jumped from 3.8% to 14.8%, all within a week, because private businesses made the decision to close and millions of Americans made the decision to stay home. Now go ahead and explain how this is the fault of the "global Left", whatever the hell that even means. This all happened under Trump's "leadership" and it happened swiftly because he downplayed the severity of the virus for weeks, and he did this because he figured it was better to gaslight the nation rather than to risk hurting his reelection chances in November. He sacrificed hundreds of thousands of American lives for his vanity. Absolutely the worst leader in US history.

The conclusion of virtually ever pandemic expert and medical professional is that if we had acted swiftly to mitigate the spread of the virus, there would have been at least 200,000+ fewer deaths. But Trump and his idiot base decided right before Easter that they would abandon the measures being recommended by the CDC, so instead of promoting social distancing, Trump held rallies which effectively killed many of his followers like Herman Cain. He also mocked the idea of wearing masks, and he rode in an enclosed vehicle with his security detail knowing full well he was infected with COVID. Governor Christie recently said there is no doubt Trump infected him with the virus, and now we learn that he was infected with COVID during the Presidential debate. He intentionally showed up late to the debate because he wanted to be rushed to the stage and not tested. Trump isn't to blame for the economy initially crashing but he is to blame for the prolonged recovery.

Anyone blaming the "left" is showing intellectual laziness. Its like you're admitting you cannot point to any specific thing anyone on the Left did, it is just easier to make the accusation and generalize the entire "left" because that's what you're so used to hearing at Brietfart.
The next excuse to stagnate the economy further will be the climate change crisis. And many people will vote for it because they believe the leftist lie that the government can do anything and everything for them. Whatever the problem, a government program is always the solution.
Your ignorance about how government works is notable. You're like so many old Conservatives who think they live independent from society. Any kind of society requires a government. Our government was established by the Founding Fathers you claim to adore, but you spit on the Republic which they created.
"I am not an American ... In my view premarital sex should be illegal" - Ajax18
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Re: Biden's Economy?

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Anyone blaming the "left" is showing intellectual laziness. Its like you're admitting you cannot point to any specific thing anyone on the Left did,
You were the ones pushing for these lockdowns. You were the ones shaming people who early on proposed to protect vulnerable populations but keep young people out and working. You were the ones putting hair stylist in jail for opening up their shop, while Pelosi and Lightfoot continued to get their hair done. It's only until recently that the left is admitting that zero Covid is impossible, which is what I was saying all along. The fact that Australia continues to lock down is proof of it.

Now we have an economy that is projected to grow at under 2%. As Analytics said early on, keeping the economy at 70% indefinitely is fine. This economy killing response and accusations that working people have blood on their hands is completely the fault of the left and I'll never forgive them for that.
And when the Confederates saw Jackson standing fearless like a stonewall, the army of Northern Virginia took courage and drove the federal army off their land.
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Re: Biden's Economy?

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ajax18 wrote:
Wed Dec 15, 2021 3:11 pm
Anyone blaming the "left" is showing intellectual laziness. Its like you're admitting you cannot point to any specific thing anyone on the Left did,
You were the ones pushing for these lockdowns. You were the ones shaming people who early on proposed to protect vulnerable populations but keep young people out and working. You were the ones putting hair stylist in jail for opening up their shop, while Pelosi and Lightfoot continued to get their hair done. It's only until recently that the left is admitting that zero Covid is impossible, which is what I was saying all along. The fact that Australia continues to lock down is proof of it.

Now we have an economy that is projected to grow at under 2%. As Analytics said early on, keeping the economy at 70% indefinitely is fine. This economy killing response and accusations that working people have blood on their hands is completely the fault of the left and I'll never forgive them for that.
Now you're just flat out lying. No one "pushed for lockdowns" and you keep avoiding the fact that Republicans were the ones in power, so Democrats had no power to "force lockdowns" even if that were their position. "Lockdown" isnt a term applied to the economy or businesses, it refers to individual choices by private citizens to stay at home. Some private businesses chose to close or partially close because it was good business to do so. Why keep a restaurant fully open if all your customers are staying home because of COVID? Millions of Americans fled the workforce because of COVID but also because they could afford to do so.

You [deleted, FR 2. RI] think the economy is only "open" when these morons running mom and pop shops are able to operate? They could be open and no one would show up for a haircut because most of their clientele isn't as stupid as they are. And the fact is barbers around the country WERE able to operate if they implemented mitigation measures, but some chose not to so they could get on FOX news and whine about tyranny.
"I am not an American ... In my view premarital sex should be illegal" - Ajax18
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Re: Biden's Economy?

Post by K Graham »

And GDP is over 5% for 2021 and projected to be over 4% for 2022. Trump never managed to get the economy beyond 3%.

So not only are you completely delusional you're flat out making up crap. No matter how many Republicans are in charge, you're inability to take responsibility for anything never ceases to amaze. Always blame "the left."
"I am not an American ... In my view premarital sex should be illegal" - Ajax18
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Re: Biden's Economy?

Post by K Graham »

And we're still waiting for you to explain how the 30% drop in the economy last April, which happened within a week, is the fault of Democrats. The stupid crap you're moaning about are just fake news talking points that couldn't even apply until months later, well after the economy had already crashed under Trump's watch. Take responsibility for once in your god damned life and admit the guy you elected failed to lead and prevent an economic catastrophe. I swear, Trump could get caught molesting a baby and you'd find a way to blame Democrats.
"I am not an American ... In my view premarital sex should be illegal" - Ajax18
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