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And the lag between the huge increase in the money supply and the start of inflation is this:




A metric buttload of money was injected into the economy, but households increased their savings in response. That's what you'd expect in a period of significant uncertainty. It was only when we declared the pandemic over and people started to spend those savings that the inevitable inflation appeared.

Yes, personal savings dropped accordingly as people spent.

In retrospect, it was probably a better idea to declare the pandemic over only after supply chains had picked up more. Live and learn. This will be a lesson for future pandemics.

Vēritās wrote: ↑

Wed Jun 29, 2022 5:56 pm

Yes, personal savings dropped accordingly as people spent.

In retrospect, it was probably a better idea to declare the pandemic over only after supply chains had picked up more. Live and learn. This will be a lesson for future pandemics.

I keep an eye on the numbers in various countries and on information from epidemiologists. The pandemic isn't over, regardless of what we declare. Declaring it over was a mistake at the time, and the consequences of that decision are biting lots of folks who have tried to do the right thing throughout in the ass.

I think it was a mistake for the Biden administration not to address the inevitable inflation with the public early on (like, before it took off) and explain what would need to happen to avoid or minimize it.

If 2/3 of wager earners are reporting that their incomes aren't keeping up with prices, that's a substantial problem. Yes, over long periods, inflation is good for people in debt, but that doesn't help folks buy groceries.

Hawkeye wrote: ↑

Wed Jun 29, 2022 3:23 am

… you have the gaul …

He has the gaul.

Jobs Report for June reveals an increase of 372,000 jobs which is 125,000 more than what was expected. Manufacturing jobs are already at pre-pandemic levels.

But, but but but Right Wing sources been insisting we're in a recession..

Inflation may have reached its peak.

On Wednesday the five-year breakeven inflation rate fell to 2.48 percent. (The rate is the spread between ordinary interest rates and the interest rates on bonds that are protected against rising prices; it is therefore an implicit forecast of future inflation.)

The wholesale price of gasoline has fallen about 80 cents a gallon since its peak a month ago.

The cost of rents are down.

Shipping costs are down.

Mortgage rates have soared, which will reduce overall spending.

On the other hand, employment remains strong. (You can't talk about economics without an, "on the other hand...")

Rents:



That’s not really the win you think it is. Rents are outrageous, but I’m not sure how a sitting President can claim success or failure of rental prices in, say, SF. Speaking of which:

https://www.apartments.com/san-francisc ... 2Okwguu6nB

Are you going to make Biden responsible for a 1-br in SF @ $5,000/month? I’m not, but I’m certainly not going to give him credit if rents drop a $100, either. Unless the feds, under his direction, build 10M units under a New New Deal assigning credit to him for rents it’s just politicking.

- Doc

Doctor CamNC4Me wrote: ↑

Mon Jul 11, 2022 8:08 pm

Rents:



That’s not really the win you think it is. Rents are outrageous, but I’m not sure how a sitting President can claim success or failure of rental prices in, say, SF. Speaking of which:

https://www.apartments.com/san-francisc ... 2Okwguu6nB

Are you going to make Biden responsible for a 1-br in SF @ $5,000/month? I’m not, but I’m certainly not going to give him credit if rents drop a $100, either. Unless the feds, under his direction, build 10M units under a New New Deal assigning credit to him for rents it’s just politicking.

- Doc

The meme was about gas prices, which have been dropping as oil has been released by strategic reserves from the US and other countries, which only happened at the behest of Biden. But I'm really just posting this to piss off ajax.

So now Biden is the villain over at FOX for making gas prices drop too fast.