Speaking of nonprofit organizations in the US I'm really getting tired of those ads from St. Jude. While a worthwhile charity I think we've reached the point of overkill. Same with some other nonprofits like the ASPCA and Shriners Hospital Children.
The ASPCA gives almost nothing to saving animals. It is an anti hunting and ranching organization. They have off shore accounts and huge retirement accounts. Biggest scam ever. Why do tv stations permit this.
You're pushing coleg for the Minister of Misinformation Baghdad Bob title. I didn't say only in the first quarter of 2021. I said Biden poured gasoline on the fire that was there in the first quarter by added 3 huge unneeded blasts of fiscal spending in 2021 and 2022 which ultimately led to the 9.1% peak in inflation. Who appointed Jerome Powell is of no consequence. However, the president giving the cues at the time calling inflationary transitory and that spending wasn't inflationary was democratic president Biden, hence Bidenflation.
This report by NBC Nightly News ties into the Bidenflation discussion yesterday focusing on lack of home affordability. New NBC News index shows just how hard it is to buy a home NBC used the video to introduce what looks to me to be a home buying misery index that leaves a bad look for Biden. I wonder who this couple will vote for in November after 4 years of being unable to purchase a home which is $70,000 out of their reach.
If homes are unaffordable, it's because the likes of Black Rock bought up all the cheap ones in 2008 or 2020. It has nothing to do with Biden.
Ahhh, so how long did Trump's inflation last then? BTW, you never addressed how your theory explains why commodities other than food and energy are actually down in price over the last year. If it was based on government transfers causing increased customer spending, shouldn't those markets be up in price?
Well, your democratic leadership said it was transitory, so you'll have to ask them when it ended. Clearly with their huge spending sprees and other policies of the new administration, they didn't see inflation as a problem moving forward. Inflation is still well above the Fed 2.0% target and is well below the 9.1% 2022 peak. It's high enough that the Fed can't/won't reduce interest rates because it would take inflation higher still. I'm not a commodities broker so I'll defer to you to introduce expert opinion as to why some things went done and why some things went up resulting in the inflation numbers.
LOL! Of course, Biden's spending plans injecting too much money into the economy when inventory was low had zero to do with it. Bogeyman Black Rock is the culprit.
Well, for one, it isn't driven by government spending. If you look at the sectors with big increases right now it is services, especially low wage services. That is happening because we have a massive labor shortage. This has pushed wages up in low wage services industries, pushing inflation up. It could be solved through increased immigration with authorizations to work. But our system of immigration is command-and-control and lacks flexibility to solve actual labor issues. Housing is up because there is a mismatch of where housing is and where high paying jobs are. We could have pushed remote work and other initiatives to ease this, but a lot of folks decided that returning everybody to offices in high cost of living areas was very important.
I fixed your quote for you. Please be accurate when you talk about spending. You're welcome. The Coronavirus Aid, Relief, and Economic Security Act,[1] also known as the CARES Act,[2] is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020..... Unprecedented in size and scope,[9] the legislation was the largest economic stimulus package in U.S. history.... CARES Act - Wikipedia
I disagree that government spending isn't inflationary. Jerome Powell hasn't said anything like that, said the opposite about government reducing their fiscal spending. Politicians control fiscal spending. Jerome Powell can only tell them what he thinks and then fight his war with inflation. Those 3 huge spending plans in Biden's first year in office put money in the hands of people for spending. I'm not an economist, but the highest inflation at the 9.1% peak in 2022 was caused by fiscal spending by the federal government. Where I live, housing prices are up significantly since Biden came into office. We aren't a high paying jobs area. It has been a function of low inventory and too much money chasing said low inventory. Honestly, it wouldn't be a problem to me if I carried my home at a lower value on my personal balance sheet. I never expected it to be this high. I don't want to sell, happy where I am, but now is a good seller's market if I wanted to make a change. I suspect it is like this in many markets. As you know all housing markets are local in nature. True story: I once sold a home to a military family for $25,000 less than another offer I received. It was during the Great Recession housing bust. I got this nice letter from the military family who couldn't afford my home at the higher price I had it listed for stating how much they loved my home at a time when the other buyer, well, was being a jerk. I've never had any regret for helping out the military family, actually made me feel proud.
Still trying to figure out why the US is completely disconnected from the rest of the globe when it comes the global economy. The same year inflation peaked at 9.1% in the US, worldwide, the inflation average around the globe was 8.8%. And this includes countries like China and Japan that artificially keep inflation low. Meaning, using standard deviation, the US actually fared a little better than the majority of countries during this time. But somehow, none of what is going on in the global economy matters and domestic inflation is all Biden's fault? Sorry, this is ignorant and idiot thinking. And sorry, but monies spent in 2021 and 2022 would no longer be effecting inflation today. The reason inflation is persisting is labor shortages. We still have more job openings than those on unemployment looking for jobs. This causes inflation as manufacturing jobs that go unfilled cause supply shortages. And those that do find a candidate to hire often have to pay more for the position, which causes that price to be shifted to the consumer. It's incredibly myopic to think a country that purchases $3.2 trillion worth of goods imported into the US would not be affected by what is going on all over the globe. Either that, or the idiot that thinks this way has an obvious agenda and is ignoring facts on purpose.
Yes, followed by $3.3 trillion in Bidenflation spending in just over a year in office resulting in 9.1% inflation later in 2022. $3.3 reckless spending trumps $2.2 for the pandemic. Biden even had the nerve to say inflationary pressure would go down if he spent the money. See my long post from yesterday.
Stop lying. The Biden Administration recently proposed an additional $1.9 trillion in federal spending to address the ongoing pandemic..... The macroeconomic implications of Biden’s $1.9 trillion fiscal package
Besides this spending, there were two more spending packages coming to $3.3 trillion. Again, see my post from yesterday as I'm not going to spoon feed you due to your lack of reading. From your link: By late 2021, we would likely see the economy operating above its maximum sustainable level. That positive output gap would likely put upward pressure on inflation, which the Federal Reserve has said would be welcome. Also, it is unbecoming to call someone a liar out of an incompetent and losing position. Do try to behave.
