Way to go Joe

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Glennfs
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Way to go Joe

Post by Glennfs »

https://www.cnsnews.com/article/washing ... ghest-1979

Inflation now at a 43 year high. Tell me again about what a great president Joe Biden is and how great liberal policies are for our country.
" I am a socialist " Bernie Sanders
JoeMemphis

Re: Way to go Joe

Post by JoeMemphis »

Glennfs wrote: Tue Sep 13, 2022 3:03 pm https://www.cnsnews.com/article/washing ... ghest-1979

Inflation now at a 43 year high. Tell me again about what a great president Joe Biden is and how great liberal policies are for our country.
I won’t go so far as saying POTUS is to blame for where we are economically. I will say I do not see where he is part of the solution. He is spending money and the Fed is hiking rates. We are working at cross purposes IMO.

So while POTUS is celebrating another big spending bill, the markets are down and core inflation remains high. But I guess before people despair about their economic problems like rent, fuel, groceries they can at least enjoy the celebration and take comfort in the fact that 100 noble prize winning economists have signed off on this policy. So don’t believe your bank accounts, you are tons better off according to these 100 economists. Of course, they ain’t gonna help you make your next rent check or car note.
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Re: Way to go Joe

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JoeMemphis wrote: Tue Sep 13, 2022 3:11 pm I won’t go so far as saying POTUS is to blame for where we are economically. I will say I do not see where he is part of the solution. He is spending money and the Fed is hiking rates. We are working at cross purposes IMO.

So while POTUS is celebrating another big spending bill, the markets are down and core inflation remains high. But I guess before people despair about their economic problems like rent, fuel, groceries they can at least enjoy the celebration and take comfort in the fact that 100 noble prize winning economists have signed off on this policy. So don’t believe your bank accounts, you are tons better off according to these 100 economists. Of course, they ain’t gonna help you make your next rent check or car note.
The effects of Bidenflation and the Biden administration economic policies are going to be felt long after he leaves office. What we are seeing now is just the tip of the iceberg.
" I am a socialist " Bernie Sanders
JoeMemphis

Re: Way to go Joe

Post by JoeMemphis »

Glennfs wrote: Tue Sep 13, 2022 3:14 pm The effects of Bidenflation and the Biden administration economic policies are going to be felt long after he leaves office. What we are seeing now is just the tip of the iceberg.
I’m not there just yet. The economy can turn around rather quickly given the right circumstances. I’m not sure Biden is the guy to do it.
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Re: Way to go Joe

Post by Glennfs »

JoeMemphis wrote: Tue Sep 13, 2022 3:21 pm I’m not there just yet. The economy can turn around rather quickly given the right circumstances. I’m not sure Biden is the guy to do it.
Can you imagine what we would be seeing if he had been successful in raising federal spending by 6 trillion dollars.
Some of my friends on the left have no problem with that because they literally believe all the government has to do is print more money.
Having no clue that increases in the money supply if that level would result in runaway inflation.
" I am a socialist " Bernie Sanders
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Drak
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Re: Way to go Joe

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World wide Inflation and the direct circumstances behind it has already been explained to both of you clowns countless times on these boards. Keep on squawking like a parrot in a cage, Glenn. You’re about the dumbest person these boards have ever seen.
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Are the same that burn crosses"

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Re: Way to go Joe

Post by Glennfs »

Drak wrote: Tue Sep 13, 2022 3:55 pm World wide Inflation and the direct circumstances behind it has already been explained to both of you clowns countless times on these boards. Keep on squawking like a parrot in a cage, Glenn. You’re about the dumbest person these boards have ever seen.
Of course it has nothing to do with Biden the democratic party or liberal policies
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Drak
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Re: Way to go Joe

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Glennfs wrote: Tue Sep 13, 2022 4:03 pm Of course it has nothing to do with Biden the democratic party or liberal policies
Right, and by that logic nothing at all to do with the polices of the last administration.

Go educate yourself on economics and go check out what’s happening across the world. You won’t though, because you’re only here to parrot.
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Are the same that burn crosses"

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Re: Way to go Joe

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Drak wrote: Tue Sep 13, 2022 4:11 pm Right, and by that logic nothing at all to do with the polices of the last administration.

Go educate yourself on economics and go check out what’s happening across the world. You won’t though, because you’re only here to parrot.
You might be correct. After all the Biden administration the democratic party and GoU liberals have adopted the European economic model.
Why do you ignore the nearly 2 trillion dollar spending increase as a major contributor to inflation.
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Drak
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Re: Way to go Joe

Post by Drak »

Glennfs wrote: Tue Sep 13, 2022 4:14 pm You might be correct. After all the Biden administration the democratic party and GoU liberals have adopted the European economic model.
Why do you ignore the nearly 2 trillion dollar spending increase as a major contributor to inflation.
And yet, you say nothing about the trillions spent by the last admin.
"Some of those that work forces,
Are the same that burn crosses"

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JoeMemphis

Re: Way to go Joe

Post by JoeMemphis »

Drak wrote: Tue Sep 13, 2022 3:55 pm World wide Inflation and the direct circumstances behind it has already been explained to both of you clowns countless times on these boards. Keep on squawking like a parrot in a cage, Glenn. You’re about the dumbest person these boards have ever seen.
Yes I know. It’s all out of our hands. We have no control, no influence over our own economy or our own destiny. I said earlier that I don’t lay all this at the feet of Biden. But I’m not buying your BS talking point that he’s got nothing to do with it either. Inflation is too much money chasing too few goods. So we either produce more or spend less or a combination of the two. Right now the administration hasn’t met a spending bill it doesn’t like and the fed is raising interest rates to slow the economy. It’s like driving while pressing the brake and the accelerator at the same time.
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ProfX
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Re: Way to go Joe

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On the one hand, the rise was higher than expected.

On the other, inflation actually is falling, if slowly. Gas prices HAVE been falling.
U.S. inflation falls for 2nd straight month on lower gas costs
Despite the signs of moderating price increases, inflation remains far higher than many Americans have ever experienced and is keeping pressure on the Federal Reserve.
https://www.politico.com/news/2022/09/1 ... s-00056314

[snip]

Consumer prices surged 8.3% in August compared with a year earlier, the government said Tuesday. Though still painfully high, that was down from an 8.5% jump in July and a four-decade high of 9.1% in June. On a monthly basis, prices rose 0.1%, after a flat reading in July.

Excluding the volatile food and energy categories, so-called core prices jumped 0.6% from July to August, higher than many economists had expected and a sign of inflation’s persistence.

[snip][end]

BTW, in a global economy, where much of what we purchase isn't produced here - "produce more" is just a mantra. (I'm not against efforts to increase domestic manufacturing, but I'm just acknowledging reality.) A lot of what's happening is obstructed supply chains of things we would normally more easily import. That's reality.

Yes, in a global economy, less is under domestic control than we think - note I didn't say a POTUS, or the Fed, has none, either.
Last edited by ProfX on Tue Sep 13, 2022 4:35 pm, edited 1 time in total.
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JoeMemphis

Re: Way to go Joe

Post by JoeMemphis »

ProfX wrote: Tue Sep 13, 2022 4:26 pm On the one hand, the rise was higher than expected.

On the other, inflation actually is falling, if slowly. Gas prices HAVE been falling.
U.S. inflation falls for 2nd straight month on lower gas costs
Despite the signs of moderating price increases, inflation remains far higher than many Americans have ever experienced and is keeping pressure on the Federal Reserve.
https://www.politico.com/news/2022/09/1 ... s-00056314

[snip]

Consumer prices surged 8.3% in August compared with a year earlier, the government said Tuesday. Though still painfully high, that was down from an 8.5% jump in July and a four-decade high of 9.1% in June. On a monthly basis, prices rose 0.1%, after a flat reading in July.

Excluding the volatile food and energy categories, so-called core prices jumped 0.6% from July to August, higher than many economists had expected and a sign of inflation’s persistence.

[snip][end]
Some components of inflation are falling. Oil prices are down but core inflation is up rather sharply month over month. I think this component of inflation is what most influences FED policy. They will have to keep raising rates until inflation is under control. We aren’t there yet.
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Re: Way to go Joe

Post by Glennfs »

ProfX wrote: Tue Sep 13, 2022 4:26 pm On the one hand, the rise was higher than expected.

On the other, inflation actually is falling, if slowly. Gas prices HAVE been falling.
U.S. inflation falls for 2nd straight month on lower gas costs
Despite the signs of moderating price increases, inflation remains far higher than many Americans have ever experienced and is keeping pressure on the Federal Reserve.
https://www.politico.com/news/2022/09/1 ... s-00056314

[snip]

Consumer prices surged 8.3% in August compared with a year earlier, the government said Tuesday. Though still painfully high, that was down from an 8.5% jump in July and a four-decade high of 9.1% in June. On a monthly basis, prices rose 0.1%, after a flat reading in July.

Excluding the volatile food and energy categories, so-called core prices jumped 0.6% from July to August, higher than many economists had expected and a sign of inflation’s persistence.

[snip][end]
Gas prices have come down because of the 100 or so million barrels of oil that Biden released. Which weakened our nation and yes I was also opposed when Republican presidents did the same.
That and people have far less spending money so naturally are driving less.
But, the rest is still high. Lunch meat at Walmart is $10 a pound for ham. The food we used to buy to save a buck like lunch meat is off the hook.
My favorite is how the Biden administration passed the inflation reduction act which causes inflation to increase. As Don King says only in America
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Re: Way to go Joe

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Drak wrote: Tue Sep 13, 2022 4:17 pm And yet, you say nothing about the trillions spent by the last admin.
That is also a factor but the pandemic made most of that spending necessary. The build back broke which thankfully one patriotic democratic senator killed and the 1.9 trillion dollar spending bill are not only not needed it is contributing to the problem
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ProfX
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Re: Way to go Joe

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Glennfs wrote: Tue Sep 13, 2022 4:33 pm Gas prices have come down because of the 100 or so million barrels of oil that Biden released.
Demand is falling, partly due to seasonal change, people drive less particularly up north as summer ends.

Your statement is false, or at least isn't a full explanation, because global crude oil prices are falling - everywhere.
My favorite is how the Biden administration passed the inflation reduction act which causes inflation to increase.
Source for this claim? Not that inflation increased, but your claim the passage of the IRA made it rise. After all, most of its provisions won't go into effect immediately.

I said at the time it wouldn't do much to decrease it - still feel that way - BTW that doesn't mean it was a bad bill. There was other stuff in it that was important. But that was how they chose to "market" it.
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Re: Way to go Joe

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Glennfs wrote: Tue Sep 13, 2022 4:36 pm That is also a factor but the pandemic made most of that spending necessary. The build back broke which thankfully one patriotic democratic senator killed and the 1.9 trillion dollar spending bill are not only not needed it is contributing to the problem
I'm not sure which "patriotic Senator" you are referring to. I think Joe Manchin. But he voted for both bills, and killed none of them (we can debate the necessity of some amendments to the second one). (Maybe you mean he temporarily halted the 2nd one from being passed -- admittedly without some changes he wanted. Dunno. To me that's not "killed".)

The first part of Build Back Better, Infrastructure Investment and American Jobs Act, passed with only 30 Republicans voting in opposition, and all Senate Democrats (incl. Manchin) voting for it.

The second part, which morphed into "Inflation Reduction Act" may have been amended by him, but both Joe Manchin and K. Sinema voted for it.
Last edited by ProfX on Tue Sep 13, 2022 4:59 pm, edited 1 time in total.
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Glennfs
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Re: Way to go Joe

Post by Glennfs »

ProfX wrote: Tue Sep 13, 2022 4:40 pm Demand is falling, partly due to seasonal change, people drive less particularly up north as summer ends.

Your statement is false, or at least isn't a full explanation, because global crude oil prices are falling - everywhere.



Source for this claim? Not that inflation increased, but your claim the passage of the IRA made it rise. After all, most of its provisions won't go into effect immediately.

I said at the time it wouldn't do much to decrease it - still feel that way - BTW that doesn't mean it was a bad bill. There was other stuff in it that was important. But that was how they chose to "market" it.
https://budgetmodel.wharton.upenn.edu/i ... -estimates

At some point in the future inflation will come back down and progressives will be claiming see it worked.
But in fact it has next to nothing to do with controlling inflation
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Drak
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Re: Way to go Joe

Post by Drak »

Glennfs wrote: Tue Sep 13, 2022 4:36 pm That is also a factor but the pandemic made most of that spending necessary. The build back broke which thankfully one patriotic democratic senator killed and the 1.9 trillion dollar spending bill are not only not needed it is contributing to the problem
Another reason for inflation is when economies bounce back. The economy was totally trashed by Trump and the GOP.
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ProfX
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Re: Way to go Joe

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Glennfs wrote: Tue Sep 13, 2022 4:53 pm https://budgetmodel.wharton.upenn.edu/i ... -estimates

At some point in the future inflation will come back down and progressives will be claiming see it worked.
But in fact it has next to nothing to do with controlling inflation
It's one economic model. I can't slam it, my brother knows people who teach at Wharton. :D

That said, I hope you know the difference between "its effects on inflation will be nearly zero" (what they said) vs. "it will make inflation increase". Wharton did not say the latter. YOU did.

Right now, a lot of forecasts say it will probably take about 2 years to drop down to pre-2021 levels. Sounds right to me. I personally don't think the IRA will have a LOT to do with that. That doesn't mean, despite the way they named it, it's a bad bill. It's good for other reasons. I discussed that at the time.
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Drak
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Re: Way to go Joe

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Glennfs wrote: Tue Sep 13, 2022 4:33 pm Gas prices have come down because of the 100 or so million barrels of oil that Biden released. Which weakened our nation and yes I was also opposed when Republican presidents did the same.
That and people have far less spending money so naturally are driving less.
But, the rest is still high. Lunch meat at Walmart is $10 a pound for ham. The food we used to buy to save a buck like lunch meat is off the hook.
My favorite is how the Biden administration passed the inflation reduction act which causes inflation to increase. As Don King says only in America
Prices are high all over the world. Supply chains have been problematic world wide. This has also been explained to you countless times.
"Some of those that work forces,
Are the same that burn crosses"

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Drak
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Re: Way to go Joe

Post by Drak »

Glennfs wrote: Tue Sep 13, 2022 4:33 pm Gas prices have come down because of the 100 or so million barrels of oil that
You complain about Joe Biden being responsible for world wide gas prices when he isn’t. Then you complain when he tries to offer solutions.

The fact is, there’s no reason for oil to be as high as it has been aside from price gouging. That blame rests on oil companies.
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Re: Way to go Joe

Post by gounion »

All Glenn has to sell is to be against. He knows how terrible his candidates are.

And good old Lindsey, always knowing the way the wind is blowing, is proposing a nationwide abortion ban, a week after he said the states should decide.
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Drak
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Re: Way to go Joe

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JoeMemphis wrote: Tue Sep 13, 2022 4:19 pm Yes I know. It’s all out of our hands. We have no control, no influence over our own economy or our own destiny. I said earlier that I don’t lay all this at the feet of Biden. But I’m not buying your BS talking point that he’s got nothing to do with it either. Inflation is too much money chasing too few goods. So we either produce more or spend less or a combination of the two. Right now the administration hasn’t met a spending bill it doesn’t like and the fed is raising interest rates to slow the economy. It’s like driving while pressing the brake and the accelerator at the same time.

I don’t care what you’re buying. Inflation is high world wide. You’re only purpose on these boards has only ever been to play games and blame Dems. You’ve made the claim in the past that all bad things that happen are the responsibility of the President, but when the shit was hitting the fan under the last admin you kept quiet. You certainly said nothing about the trillions spent and wasted by the GOP or the fact that they trashed the economy.
"Some of those that work forces,
Are the same that burn crosses"

- Rage Against the Machine
JoeMemphis

Re: Way to go Joe

Post by JoeMemphis »

Drak wrote: Tue Sep 13, 2022 5:19 pm I don’t care what you’re buying. Inflation is high world wide. You’re only purpose on these boards has only ever been to play games and blame Dems. You’ve made the claim in the past that all bad things that happen are the responsibility of the President, but when the shit was hitting the fan under the last admin you kept quiet. You certainly said nothing about the trillions spent and wasted by the GOP or the fact that they trashed the economy.
You can’t have it both ways Drak. Either policy matters or it doesn’t. You can’t on the one hand claim that it’s a global problem and on the other hand blame the previous POTUS. Either Presidents can and do affect the economy in this country and worldwide or they do not.

I find it ironic the you guys blame the previous administration for following economic policies during the pandemic that your party fully and enthusiastically supported. I didn’t hear you whine when we shut down 1/3 of the economy. You supported that policy. Your party kept those restrictive policies as long as you could until the public simply had enough of it. So the policies that idles so many workers were policies you supported. I assume you had no issue with the trillions of dollars spent to pay for all that. To prop up the economic policy you supported. Now you take credit for the rebound in jobs when finally against all the admins efforts people tried to go back to normal living. Those aren’t created jobs. They are recovered jobs. Many of them wouldn’t have been lost in the first place if we hadn’t overreacted to the pandemic.

So Presidents matter and what they do matters or it doesn’t. If you want to take victory laps when times are good you also have to be prepared to take responsibility when times are bad. So no it’s not all Bidens fault. I Never said it was. But he’s not helping things. Spending money, lots of money during inflationary times leads to more inflation. The reason the FED is raising rates isn’t because we don’t have enough money in the economy.

So yeah the President and the FED are not rowing the boat in the same direction. So we wind up going in circles.
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