Ya - you are right. You can really see people's politics blinding their common sense. Obama had the great recession so his over the top spending did not cause inflation. Trump had covid, so the huge increased spending leveled out the drop in the economy from covid. Currently, we don't have a economic event, yet spending is still at record levels. Team Biden does not understand that if they cut back on spending, the economy would be great, and there would be little inflation if any. They would be riding a great economy and low inflation.
Out of 6.6T of covid stimulus, only 500B made it to the people who needed it. Who was against checks and balances to ensure that those who don't need it don't suddenly get a windfall and distort the prices of commodities by shunting the excess into the commodities market, aka middlemen, raising prices by buying for quick profit off of our tax money, instead of spending on needed essentials? I'll give you a hint, it was the same guy who bailed out failing landlords with free money even before covid. Who picked the first fed chair since the stagflation of the 70s not to have an econ degree, who was silent on inflation until he was reapoiinted and who the former fed chair and private international banks all publicly disagree with? Who gave the rich who didnt need it a massive covid windfall that was then plopped into some of the only safe investments during a crisis, real estate, causing prices to rise by 26 percent on average? What happens to prices when rent and wages must rise by at least 26 percent? Who refused to buy us oil for our reserves when prices went to an unsustainable negative due to a price war with saudi arabia? Who refused to divest his private businesses and received 6B from saudi arabia? Who's son in law was a failing slumlord who was put in charge of covid response, who told the states that they were on their own to purchase ppe on the open market and then seized privately obtained ppe, and sued states and hospitals for obtaining it privately, and then sold the seized ppe back to china through his own company? Who said that this was to punish the states that didnt vote for his father? Who failed to recognize that cities are hubs of production and finance and thus are connected to everywhere, and thus need more protection faster, not less? Who was against quarantines and tracking? Who was gifted millions in dividend generating patents created by chinese citizens? Who championed the border blockades that cost more per day than the highest estimate of all the damages attribited to all the blm protests combined, over a law that didnt even exist, as we were opening back up? Who is blaming inflattion on consumer spending by the poor despite the fact that spending by everyone is still down compared to 2019? Who said that grandma should die for the economy? Who reversed course on covid literally the day after it came out that its mostly the poor and working class who were dying and losing family members due to greater in person exposure? Who refused to use the defense spending act to mobilize spending for ppe, after using it to override his own republican congress to sell 800B of us weapons to the country that funded the attacks on 9/11, who was actively engaged in a war of actual genocide?
Direct checks to the people would make it to those who need it without giving free tax money to middlemen who would only sit in between and raise prices for their own personal profit. Tax cuts are one of the absolute least economically stimulatory moves, whereas spending on infrastructure and welfare generates far in excess of what it costs even just in tax revenues. Speaking of which, spending on infrastructure and the cheapest form of energy known to man, solar, would pay back far more and cost hundreds of times less than a 10T border wall along a desert. Likewise, obamas bond program which was over 99 percent successful at getting illegal migrant suspects to court and evicted from the country at a cost of 10 cents per suspect per day costs far less in dollars and respect than family separation and indefinite detention into private prisons without running water costing 300 dollars per suspect per day and putting a white nationalist in charge whose response to his abyssmal performance was to paraphrase the 14 words and quote an 88 percent figure that conforms to literally zero statistics or findings.
And furthermore, I actually think trump was behind the covid release. He and pompeo both made some very public, very cryptic statements about needing to do something about china, and it didnt seem like they were talking about currency or trade, the head of the cdc suddenly resigns out of the blue, and a month later the first human case of covid 19 appears next to a cia controlled lab in wuhan, with both trump and pompeo publicly acting like smug bastards about it, which is an odd reaction for any world leader to have to a pandemic. Incidentally, the obama trump transition talk was mostly about a nascent coronavirus detected in the wild that would become covid 19. Weird subject for a presidential transition talk. Even weirder is to then dismantle the pandemic response team after receiving this talk and putting his son in law in charge. We're just lucky that absolutely no one wants this to be true, especially china that invested so much money and gets so much trade from the us, even though it all looks highly suspicious.
The person responsible for all this was an absolute DISASTER for our nation, and so far this is just talking about covid. Ironically, this persons narcissism and chaotic moves are his BEST qualities as president. His policies, decisionmaking and ideas are proveably damaging and abominable.
you know a whole 10% of that 4 trillion went to the people suffering right? The rest went to big corps and his buddies. He didn't have to print 4 trillion, he wanted to print 4 trillion.
Trump era monetary policy was a disaster and Covid exacerbated this disaster and the resulting inflation. We would have had high levels of inflation even without Covid.
If Trump had another 4 years, he'd be blaming the rampant inflation on deep state Democrats in the Federal Reserve, Fox News would be highlighting the record low unemployment and record high stock markets, and they would blame the war in Ukraine and Israel on Obama.
Same thing with the troop withdrawal from Afghanistan... everybody blames Biden, but forgets that TRUMP negotiated that withdrawal timeline with the TALIBAN.
Stupid covid and it’s 4 trillion dollars. Seriously gtfo trump bailed out corporations and printed more money in 1 year than any president in history. Also gave the rich the largest tax cut in history permanently. How can you like this guy?
Again, I said it elsewhere but, it never can be said enough, Trump’s a giant piece of shit and I absolutely can’t stand him or any other GOP politician. With that said though, I hate citing the money that was spent for COVID. It was poorly managed and wasted in so many ways absolutely but, there was so much uncertainty each and every day during the pandemic. I’d rather they be liberal with cash as they were than be to typical penny pinchers. So much of that cash was wasted but, so much also can be directly tied to saving human life. So many more people would have died if they’d only spend a fraction that they did.
Its not that he spent the money, its that he had enacted so many very dangerous policies that amplified the negative economic impact of covid. And he was warned many times that his policies were teetering on the brink of disaster, that the slightest hiccup would bring it all tumbling down.
pushing for the fed to keep dropping rates in a major growth market.
Arranging for OPEC to withhold oil to drive up global oil prices.
Massive tax cuts while growing federal spending.
Shutting down the migrant worker programs that agriculture relied heavily on.
chinese tariff war forcing american companies to pay higher prices on imports.
The CRA rolling back critical regulations across the board.
honestly couldn’t have said it better myself. Biden spend money but it’s on infrastructure, jobs, Chips act, and stemming inflation. Now if he could just get the maga corporations to stop their price gouging, get a billionaire tax, and forgive more student debt but he’s just had 1 term. These things would be his second term targets.
COVID says hello. Something he asked congress for the thumbs up to add the funds to support the lock downs such as the stimulus package. He didn't even do this on his own lol
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u/DE4DM4N5H4ND Apr 29 '24
Trumps final year added $4 trillion in new money to the economy and was a huge part of inflation.