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WTF is wrong with Joe Biden today?

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illiniray

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Re: WTF is wrong with Joe Biden today?
« Reply #495 on: May 06, 2022, 02:56:04 PM »
It's not necessarily related to core inflation, but I think price gouging has something to do with it. Oil companies could bring down the price but increasing production, but they are enjoying record profits.
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Judge Judy

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Re: WTF is wrong with Joe Biden today?
« Reply #496 on: May 06, 2022, 02:56:58 PM »
Quote from: illiniray on May 06, 2022, 02:39:21 PM
Then there is reality. Hard earned money?

Well apparently you don’t know what that is. Fitting you have the viewpoint you have. Explains a lot.
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illiniray

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Re: WTF is wrong with Joe Biden today?
« Reply #497 on: May 06, 2022, 04:35:56 PM »
Quote from: Judge Judy on May 06, 2022, 02:56:58 PM
Well apparently you don’t know what that is. Fitting you have the viewpoint you have. Explains a lot.

I know some people who work hard for relatively  little money, and some wealthy people who play for a living. Just because people have money does not necessarily mean it was hard earned.

It's interesting that wealthy Republicans like Steve Forbes want to exempt passive income;  such as interest, dividends, capital gains, rents, royalties, from taxation. Is that hard unearned income?


« Last Edit: May 06, 2022, 05:05:34 PM by illiniray »
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Custard

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Re: WTF is wrong with Joe Biden today?
« Reply #498 on: May 06, 2022, 06:41:57 PM »
Quote from: alum74 on May 06, 2022, 01:30:53 PM
It's easy to toss spitballs from the cheap seats.

In case you haven't noticed, we've been fighting a proxy war, with a temporary pause in the early 90s, against Russia for the last 70 years.  One could argue the seeds of the war were planted in 1917.  The good news is that Europe, U.S. and others recognize that Putin's maniac territorial ambitions must be contained.   

As to COVID, bad outcomes happen when you have a pandemic that has killed millions of people.  All countries are struggling to put things back together.  It's going to take time, certainly more than one news cycle.

"Massive inflation."  Not as bad as I experienced in the 70s/80s, but still serious.  Biden's not going to solve the problem by himself.  It needs a fiscal policy fix, but Congress is too broken to achieve that.  So we'll have to depend on monetary policy. That's a two-edged sword though.  Higher fed rates come at a serious cost both in terms of deficits, e.g., US debt gets more expensive, and consumer borrowing costs skyrocket.

What needs to change is consumer preferences. We're living in an age of limitless consumption but finite supplies.  The entire world is still largely living in a colonial-era expansionist mentality.

If you want prices to come down, buy less. Don't buy more than you need.  Stop buying unnecessary crap you can do without, and stop taking unnecessary trips.

I’m aware of all this. How do you feel about Joe Biden being senile and his VP being an idiot?
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Custard

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Re: WTF is wrong with Joe Biden today?
« Reply #499 on: May 06, 2022, 07:43:58 PM »
Quote from: illiniray on May 06, 2022, 01:33:04 PM
It would be funny if not sad to see the right wing media cite the Fed on inflation while omitting details. Yes, they are now saying part of inflation is due to Covid relief spending. Not Biden's policies per se, but the Cares Act  of 2020 and the American Rescue Act of 2021.

The massive influx of money into the economy may have contributed to an increase in core inflation from 2% to 5%. The remaining increase in the CPI is attributable to supply issues.

The other thing is, those relief acts prevented deflation; which would have been far worse.

Don't expect either party to try to explain any of that. The lying Republicans will blame Joe Biden's policies. The lying Democrats will blame Putin's war.

https://www.frbsf.org/economic-research/publications/economic-letter/2022/march/why-is-us-inflation-higher-than-in-other-countries/

Didn’t you argue against me for the better part of two years that all the spending wouldn’t or didn’t cause any inflation? I had finance-savvy buddies warning in early 2020 that all the spending coupled with supply chain issues was the perfect recipe for inflation issues down the road. 
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Somewhere in Mn

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Re: WTF is wrong with Joe Biden today?
« Reply #500 on: May 06, 2022, 08:12:21 PM »
Quote from: Custard on May 06, 2022, 11:57:56 AM
Man it’s funny watching people prop up Biden like Weekend at Bernie’s, fall all over themselves to apologize for him, and normalize this situation just because he’s not Trump. And Biden’s backup is somehow even worse.

We are fighting a proxy war in Europe against the largest nuclear power in the world, have massive inflation, tons of cleanup to do from the aftermath of Covid and the lockdown nonsense, runaway government spending, and our elected leader is objectively senile.

But…


Well, he doesn't have any suspect issues with foreign governments like the guy before him had.
 :D
 
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alum74

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Re: WTF is wrong with Joe Biden today?
« Reply #501 on: May 06, 2022, 08:18:13 PM »
Quote from: Custard on May 06, 2022, 06:41:57 PM
I’m aware of all this. How do you feel about Joe Biden being senile and his VP being an idiot?

I wonder if a certain group can be declared senile.
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ThePAMan

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Re: WTF is wrong with Joe Biden today?
« Reply #502 on: May 06, 2022, 09:13:17 PM »
Quote from: ILLove1997 on May 06, 2022, 12:42:10 PM
Thats strange, but ok

The last guy was a supreme jackass and moron who helped get us in this mess. I'll take the doddering old man at this point.  Inflation is just going to have to work its way through the supply chain bottlenecks and Chinese zero tolerance policy; this is impacting everyone worldwide. We have the Soviets tied up in their dumbass war in Ukraine (where we are helping the good guys, as opposed to the guy who has Putin's dick in his mouth). The deficit is down. Unemployment remains low. Does anyone actually believe things would be better off with Trump stirring the pot and grifting daily?  What exactly would he be doing?
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ThePAMan

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Re: WTF is wrong with Joe Biden today?
« Reply #503 on: May 06, 2022, 09:19:04 PM »
And we don't have to deal with insanity like this:

President Donald Trump demanded that the military recall two retired four-star officers who criticized him so they could be court-martialed, a new book says.

And it is not whataboutism when this was the other option.
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illiniray

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Re: WTF is wrong with Joe Biden today?
« Reply #504 on: May 06, 2022, 09:43:59 PM »
Quote from: Custard on May 06, 2022, 07:43:58 PM
Didn’t you argue against me for the better part of two years that all the spending wouldn’t or didn’t cause any inflation? I had finance-savvy buddies warning in early 2020 that all the spending coupled with supply chain issues was the perfect recipe for inflation issues down the road.

I also said that even if it did contribute to core inflation; the alternative would have been worse. Obviously, if a lot of people ran out of  UE benefits and had no income; that would have softened demand. Prices might even  have dropped, in other words,  deflation, leading to more job losses.

Meanwhile, others have said higher wages in the transportation, hospitality, services, and related sectors contributed to core inflation.

My main beef is with those who say that government spending is inherently inflationary,  or that the current inflation was caused solely by Biden's policies and was therefore avoidable.

I do agree with those who say some of the stimulus funds could have been distributed more effectively.
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Custard

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Re: WTF is wrong with Joe Biden today?
« Reply #505 on: May 06, 2022, 09:44:13 PM »
It’s just bothers me that people settle so easily. Well he isn’t Trump! Come on PAMan apply the same standards to our president that you do to Illini athletics.
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Custard

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Re: WTF is wrong with Joe Biden today?
« Reply #506 on: May 06, 2022, 09:47:25 PM »
Quote from: illiniray on May 06, 2022, 09:43:59 PM
I also said that even if it did contribute to core inflation; the alternative would have been worse. Obviously, if a lot of people ran out of  UE benefits and had no income; that would have softened demand. Prices might even  have dropped, in other words,  deflation, leading to more job losses.

Meanwhile, others have said higher wages in the transportation, hospitality, services, and related sectors contributed to core inflation.

My main beef is with those who say that government spending is inherently inflationary,  or that the current inflation was caused solely by Biden's policies and was therefore avoidable.

I do agree with those who say some of the stimulus funds could have been distributed more effectively.

It seems most have trouble decoupling their feelings about this from who is or was president when certain things happened. I’m looking at the big picture and really don’t care who was the figurehead when it happened. You inject trillions into the economy (increasing demand) while suppressing worldwide supply through a variety of measures and this happens. It’s just not that complicated.
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Somewhere in Mn

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Re: WTF is wrong with Joe Biden today?
« Reply #507 on: May 06, 2022, 09:55:47 PM »
Quote from: ThePAMan on May 06, 2022, 09:19:04 PM
And we don't have to deal with insanity like this:

President Donald Trump demanded that the military recall two retired four-star officers who criticized him so they could be court-martialed, a new book says.

And it is not whataboutism when this was the other option.
The book will be out soon, if you want to pre-order.

“The president told Milley and me that he ‘want[ed] to call them [McChrystal and McRaven] back to active duty and court-martial them’ for what they said,” the book reads.

Esper wrote that he and Milley tried to dissuade Trump from going through with the plan, telling him that the plan would backfire.

But, per Esper, Trump only relented after Milley “promis[ed] that he would personally call the officers and ask them to dial it back.”

McChrystal, reached by email, told TPM that “there was no call I remember — and I would have remembered that.”

He also wrote that it was the first he had heard of the matter, and declined to comment further. McRaven could not be reached for comment."
https://www.msn.com/en-us/news/politics/esper-trump-wanted-to-activate-retired-four-stars-to-court-martial-them-for-disloyalty/ar-AAWZZ7N

Sounds riveting.
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illiniray

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Re: WTF is wrong with Joe Biden today?
« Reply #508 on: May 06, 2022, 09:58:25 PM »
Quote from: Custard on May 06, 2022, 09:47:25 PM
It seems most have trouble decoupling their feelings about this from who is or was president when certain things happened. I’m looking at the big picture and really don’t care who was the figurehead when it happened. You inject trillions into the economy (increasing demand) while suppressing worldwide supply through a variety of measures and this happens. It’s just not that complicated.

And then you have to consider what happens if you don't extend those UE benefits / infuse that cash. That part might be a bit more complicated?

Europe did not have those stimuli, but I think they already had safety nets in place? Plus they did not have the wage disparity. Iirc, Their inflation was running 3 points behind ours, but is now only 1 point behind.
« Last Edit: May 06, 2022, 10:00:41 PM by illiniray »
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illiniray

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Re: WTF is wrong with Joe Biden today?
« Reply #509 on: May 06, 2022, 10:03:05 PM »
"It seems most have trouble decoupling their feelings about this from who is or was president when certain things happened."

Democrats will be blamed because it happened on their watch.
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