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Biden's former chief of staff admits how bad the Biden economy is


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7 minutes ago, impartialobserver said:

It does play a role just not the lead role. its sad that I have to say this twice. Increased govt spending does lead to increased consumer spending but not on a 1 to 1 ratio as you are claiming...

I've never claimed that gov't spending incfeases inflation 1 to 1

It is the primary source of high inflation right now tho. Inflation would be at target without it, and interest rates could come down.

https://www.forbes.com/sites/seanhanlon-1/2023/11/09/the-federal-reserves-inflation-problem-is-due-to-federal-government-spending/?sh=1933a3df7554

https://www.wsj.com/articles/government-spending-fuels-inflation-covid-relief-pandemic-debt-federal-reserve-stimulus-powell-biden-stagflation-11645202057

https://sgp.fas.org/crs/misc/R47877.pdf

I could go on for pages.  The us is currently above target on inflation largely due to gov't spending issues.  Professionals all across the world disagree with you.

If anything you got it backwards - during covid gov't spending played a role but so did the other crisis globally with the supply chain.

Now the global supply issues have been largely addressed and the most relevant ones remaining (such as oil ) largely reflect bad decisions made by  Biden.

If Biden reduced the gov't expenditures then inflation andor interest would come down, period.

 

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34 minutes ago, Hodad said:

Trump's stimulus was $2 trilllion. Biden's was $1.9 trillion. But the Fox news crowd will blame Biden alone for inflation. Hmm...

For the record, both Trump and Biden did the right thing embracing stimulus packages during he pandemic. That was good and necessary policy. (Unlike Trump ramping up deficit spending in his first 3 years during a healthy economy.) Biden has scaled back deficits significantly from what he inherited, but if you cut spending too quickly it crashes the economy. 

It seems very likely that they've threaded the needle on this one. The economy is recovered and stronger than it was before the pandemic and they appear to have navigated the elusive "soft landing."

I blame them both.

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8 minutes ago, gatomontes99 said:

I blame them both.

It's also a matter of timing.

Trump's spending was going into covid. People were sent home from work, the country was shut down, some spending was inevitable no matter who was in power.

SOME of biden's money would also fall under that catagory. But most of his expenditures were NOT necessary and occurred after the covid crisis was ended or winding down.  And that unnecessary spending is what really drove inflation through the roof.  And that was the case in more than one country who overspent like that, canada for sure.

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1 hour ago, CdnFox said:

It's also a matter of timing.

Trump's spending was going into covid. People were sent home from work, the country was shut down, some spending was inevitable no matter who was in power.

SOME of biden's money would also fall under that catagory. But most of his expenditures were NOT necessary and occurred after the covid crisis was ended or winding down.  And that unnecessary spending is what really drove inflation through the roof.  And that was the case in more than one country who overspent like that, canada for sure.

That is a fair point. However, the money that was spent during COVID was debt that was bought by the Fed...aka printed money. That causes inflation by devaluinf money.

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1 hour ago, CdnFox said:

It's also a matter of timing.

Trump's spending was going into covid. People were sent home from work, the country was shut down, some spending was inevitable no matter who was in power.

SOME of biden's money would also fall under that catagory. But most of his expenditures were NOT necessary and occurred after the covid crisis was ended or winding down.  And that unnecessary spending is what really drove inflation through the roof.  And that was the case in more than one country who overspent like that, canada for sure.

According to my sources ...which in this case are the Fed's Personal Consumption Expenditures Price Index the real reason is that all the fighting Un Congress has disrupted the previous steadynstream.if cheap.immigrant labor that used to come here, stay in the farms they worked at including being fed and housed by the Big Aggriculture growers , and raise, harvest, pack and load our harvests, get paid cheaply ( in our eyes), then go home to their own countries, raise their own crops and repeat the cycle in future tears.

This all worked fine with America very greatly the winner until President Trump decided he wanted a piece of the action and Mexico and other South American countries refused to pay the bribes..I mean..tribute.  Then, Trump decided he didn't like them anymore and wanted to build a Wall to prevent Mexico from helping US as our southern border watcher...a job they have done as a friendly nation for over 70 years...without charge to us.  Trump's WALL of SHAME and which has already been proven was an attempt to launder personal.profit from the fund s raised to build it when Mexico refused to do Trumps bidding in paying for it despite it being the main promise of his previous campaign;  Records show that the company Trump hand picked to build the Wall, overseered by his friend Steve Bannon,  siphoned more than $35 million and though he had three other peoples help.in doing so and these co conspirators all gave been charged, are in the process of paying over $25  millions back to tens of thousands of Trump Build the Wall investors , only the co conspirators are serving timevand making restitution, from their 3 & 4 year prison terms, as despite this outright Financial Fraud  on his own "people", Trump pardoned Steve Bannon, thus keeping him also from paying anything he Grifted back for himself ..and others.  

As to the Economy beyond this, the lack if progress downward in interest rates and consumer prices is due to supply chain problems caused by the immigration problem s Trump caused, and a tight energy producers field in producing cheaper energy by refusing to switch from fossil fuels to more climate friendly air and water production methods plus solar all if which are now cheaper than extracting an ever dwindling oil supply from sources.

 

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The red flags, that no one wants to talk about, in this month's job report are that the big gains were not in areas that indicate economic growth. Three of top gainers were health care, government and social services. Health care is growing because the baby boomers are aging and needing more care. Government and social services growth were mandated. Combined, that was 165,000 of the 303,000 jobs added. The growth sectors like retail and manufacturing remained flat after losing last month.

https://www.bls.gov/news.release/empsit.nr0.htm

All this great economic news is a house of cards that will collapse soon.

 

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4 hours ago, gatomontes99 said:

That is a fair point. However, the money that was spent during COVID was debt that was bought by the Fed...aka printed money. That causes inflation by devaluinf money.

Yes.  There's no getting around it. It's just a question of how much was necessary and when. But some inflation was inevitable, there was no stopping it if they were going to address the pandemic at all.

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3 hours ago, Caswell Thomas said:

According to my sources ...which in this case are the Fed's Personal Consumption Expenditures Price Index the real reason is that all the fighting Un Congress has disrupted the previous steadynstream.if cheap.immigrant labor that used to come here, stay in the farms they worked at including being fed and housed by the Big Aggriculture growers , and raise, harvest, pack and load our harvests, get paid cheaply ( in our eyes), then go home to their own countries, raise their own crops and repeat the cycle in future tears.

This all worked fine with America very greatly the winner until President Trump decided he wanted a piece of the action and Mexico and other South American countries refused to pay the bribes..I mean..tribute.  Then, Trump decided he didn't like them anymore and wanted to build a Wall to prevent Mexico from helping US as our southern border watcher...a job they have done as a friendly nation for over 70 years...without charge to us.  Trump's WALL of SHAME and which has already been proven was an attempt to launder personal.profit from the fund s raised to build it when Mexico refused to do Trumps bidding in paying for it despite it being the main promise of his previous campaign;  Records show that the company Trump hand picked to build the Wall, overseered by his friend Steve Bannon,  siphoned more than $35 million and though he had three other peoples help.in doing so and these co conspirators all gave been charged, are in the process of paying over $25  millions back to tens of thousands of Trump Build the Wall investors , only the co conspirators are serving timevand making restitution, from their 3 & 4 year prison terms, as despite this outright Financial Fraud  on his own "people", Trump pardoned Steve Bannon, thus keeping him also from paying anything he Grifted back for himself ..and others.  

As to the Economy beyond this, the lack if progress downward in interest rates and consumer prices is due to supply chain problems caused by the immigration problem s Trump caused, and a tight energy producers field in producing cheaper energy by refusing to switch from fossil fuels to more climate friendly air and water production methods plus solar all if which are now cheaper than extracting an ever dwindling oil supply from sources.

 

But inflation didn't rise under trump - certainly not before covid.  Inflation was low. So that makes no sense in the slightest. And biden has undone much of trump's policy regarding the border so why would inflation have remained persistently high for so long if that was the cause?

I'm afraid you've been grossly misinformed, the facts do not line up with that at all.

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9 hours ago, CdnFox said:

Yes.  There's no getting around it. It's just a question of how much was necessary and when. But some inflation was inevitable, there was no stopping it if they were going to address the pandemic at all.

As it turns out, lockdowns were a bad idea: https://health.wusf.usf.edu/health-news-florida/2022-02-02/a-johns-hopkins-study-says-ill-founded-lockdowns-did-little-to-limit-covid-deaths

Pretty much everything we did didn't work. Granted, this is hind sight.

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3 hours ago, gatomontes99 said:

As it turns out, lockdowns were a bad idea: https://health.wusf.usf.edu/health-news-florida/2022-02-02/a-johns-hopkins-study-says-ill-founded-lockdowns-did-little-to-limit-covid-deaths

Pretty much everything we did didn't work. Granted, this is hind sight.

Sure. lots of mistakes were made and in fairness 'lockdowns' is the traditional response to pandemic so it's not like they just pulled it out of the air.

So in the first months it was pretty understandable. Nobody knew exactly what was happening or how bad it might get,  etc.

But as we got into  2021 and certainly going into 2022 there's a lot less excuse for it. And locking people down at that point or spending massive amounts of money on 'covid relief' was a much more questionable decision as we did have some facts in hand.

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2 minutes ago, CdnFox said:

Sure. lots of mistakes were made and in fairness 'lockdowns' is the traditional response to pandemic so it's not like they just pulled it out of the air.

So in the first months it was pretty understandable. Nobody knew exactly what was happening or how bad it might get,  etc.

But as we got into  2021 and certainly going into 2022 there's a lot less excuse for it. And locking people down at that point or spending massive amounts of money on 'covid relief' was a much more questionable decision as we did have some facts in hand.

Yes, but we can't learn from it because it is a hyperpartisan issue. Everyone has to point fingers instead of sitting back and looking at what worked and what didn't.

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2 minutes ago, gatomontes99 said:

Yes, but we can't learn from it because it is a hyperpartisan issue. Everyone has to point fingers instead of sitting back and looking at what worked and what didn't.

That is now where we're at. I actually posted a thread not long ago simply pointing out that they now have conclusive studies showing that for healthy men under 40 the shot was more dangerous than covid. This research has been duplicated by other independent studies as well.  My point was that we made these kids take something that was more likely to kill them than the illness it was supposed to prevent and we should reflect on that and talk about whether it was wise to force people to get a shot

Well...  the left lost it's mind of course.  Everything from 'why are you bringing this up, it's over' to ' the chances of death were still pretty  small so what if a few die you're making a fuss for nothing"  to one lunatic who refused to accept the study and promply posted another study he thought refuted it - BUT IT ACTUALLY HAD THE SAME RESULTS, he'd just misread it ;)   like - how desperate do you have to be to deny a simple truth that you'd do that.

Oh well.  I guess all we can do is hope there's never another one. As you say it's too political now for people to think rationally about it.

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22 hours ago, CdnFox said:

But inflation didn't rise under trump - certainly not before covid.  Inflation was low. So that makes no sense in the slightest. And biden has undone much of trump's policy regarding the border so why would inflation have remained persistently high for so long if that was the cause?

I'm afraid you've been grossly misinformed, the facts do not line up with that at all.

I think Forbes facts are much more strongly backed than your uni sources ones are. Forbes is relied upon by many multiple corporations, especially in the financial markets and law corporations for its accuracy.

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11 minutes ago, Caswell Thomas said:

I think Forbes facts are much more strongly backed than your uni sources ones are. Forbes is relied upon by many multiple corporations, especially in the financial markets and law corporations for its accuracy.

ummm  - you stated your source was the Fed's Personal Consumption Expenditures Price Index, not forbes.

Can you post a link showing forbes claims inflation was high before covid?

No?

Didn't think so :) 

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23 hours ago, CdnFox said:

ummm  - you stated your source was the Fed's Personal Consumption Expenditures Price Index, not forbes.

Can you post a link showing forbes claims inflation was high before covid?

No?

Didn't think so :) 

How about you.pay for your own link to Forbes instead of trying to mooch off mine? 

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On 4/5/2024 at 7:48 AM, reason10 said:

"Another group that's really been hurting under this administration is what has typically been a core Democratic constituency, which is young people, but they, of course, are the ones that have a disproportionate portion of their income go to things like food and energy," former assistant Treasury secretary for economic policy Michael Faulkender said on "The Evening Edit" Thursday.

Not just food and energy, illegal immigration has also driven the price of housing up. 

Young people who wanna move out on their own are stuck at home.

Quote

A really funny black comic said the only reason blacks still support Biden is because thanks to him, THE FIRST  PERSON EVER TO SMOKE CRACK IN THE WHITE HOUSE IS WHITE.

😂

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13 hours ago, Caswell Thomas said:

How about you.pay for your own link to Forbes instead of trying to mooch off mine? 

ROFLMAO!!!!!   So you admit you were lying :)  

Well no surprise there :)   Go ahead - actually say ' i am not a bot' :)  

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23 minutes ago, Caswell Thomas said:

I only admit to you mooching off my data streams.  

Then post the Forbes information that qualifies your claim. Seems like your data streams are full of dead fish.

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7 hours ago, Caswell Thomas said:

I only admit to you mooching off my data streams.  

Nobody asked for your data streams :)   just for evidence to back up your claim.  And lets face it - you don't have an 'data' streams from them or anyone else to support your positon. Because you made it up : )   just like you made up being a decades long insurance expert who regularly testifies in court,  just like you made up being a nato advisor and policy writer, just like you made up being a law school student -  just like you make everything up.

Honestly - the left is SO pathetic these days it hurts to watch. I remember when the left was the home of the intellectual, now it's more like mr rogers neighbourhood but king friday is drunk and lashing out.

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On 4/13/2024 at 3:46 PM, Legato said:

Then post the Forbes information that qualifies your claim. Seems like your data streams are full of dead fish.

Read it yourself. Forbes would likely give you guest access but try as I have several n times here, I can't get it to cross post here! 

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13 hours ago, Caswell Thomas said:

Read it yourself. Forbes would likely give you guest access but try as I have several n times here, I can't get it to cross post here! 

I read forbes and it disagrees with you entirely.  The evidence they present says i was right all along. They practically quote me word for word.  So you were wrong the whole time.

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For an economy that is doing so terribly.. this is interesting. But we are all in the second Great Depression... 

Real gross domestic product (GDP) increased at an annual rate of 3.4 percent in the fourth quarter of 2023, according to the “third” estimate. In the third quarter, real GDP increased 4.9 percent. The increase in the fourth quarter primarily reflected increases in consumer spending, state and local government spending, exports, nonresidential fixed investment, federal government spending, and residential fixed investment that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

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25 minutes ago, impartialobserver said:

For an economy that is doing so terribly.. this is interesting. But we are all in the second Great Depression... 

Real gross domestic product (GDP) increased at an annual rate of 3.4 percent in the fourth quarter of 2023, according to the “third” estimate. In the third quarter, real GDP increased 4.9 percent. The increase in the fourth quarter primarily reflected increases in consumer spending, state and local government spending, exports, nonresidential fixed investment, federal government spending, and residential fixed investment that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

Are you - you of all people - suggesting that the gdp number by itself is indicative of how the economy is performing?

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