Inflation courtesy President Biden

@Subsumedpat [quote] just what did Biden do to cause inflation and recession as opposed to normal market forces?[/quote]

#1 - He became president
#2 - Spent money like a drunken sailor
#3 - Spent more money like a drunken navy

@Budwick Well bud that does not look like a very specific answer and there is nothing there to indicate that the economy would be any different under Trump. When you look at the US budget it is business as usual, goes up every year no matter who is president.
2022 is not over but it looks like we are on line to spend 6.011 trillion.
2021 United States federal budget – $6.8 trillion (submitted 2020 by President Trump)
2020 United States federal budget – $6.5 trillion (submitted 2019 by President Trump)
2019 United States federal budget – $4.4 trillion (submitted 2018 by President Trump)
2018 United States federal budget – $4.1 trillion (submitted 2017 by President Trump)
2017 United States federal budget – $4.2 trillion (submitted 2016 by President Obama)
2016 United States federal budget – $4.0 trillion (submitted 2015 by President Obama)
2015 United States federal budget – $3.9 trillion (submitted 2014 by President Obama)
2014 United States federal budget – $3.5 trillion (submitted 2013 by President Obama)
2013 United States federal budget – $3.8 trillion (submitted 2012 by President Obama)
2012 United States federal budget – $3.7 trillion (submitted 2011 by President Obama)
2011 United States federal budget – $3.8 trillion (submitted 2010 by President Obama)
2010 United States federal budget – $3.6 trillion (submitted 2009 by President Obama)
2009 United States federal budget – $3.5 trillion (submitted 2008 by President Bush)
2008 United States federal budget – $2.9 trillion (submitted 2007 by President Bush)
2007 United States federal budget – $2.8 trillion (submitted 2006 by President Bush)
2006 United States federal budget – $2.7 trillion (submitted 2005 by President Bush)
2005 United States federal budget – $2.4 trillion (submitted 2004 by President Bush)
2004 United States federal budget – $2.3 trillion (submitted 2003 by President Bush)
2003 United States federal budget – $2.2 trillion (submitted 2002 by President Bush)
2002 United States federal budget – $2.0 trillion (submitted 2001 by President Bush)
2001 United States federal budget – $1.9 trillion (submitted 2000 by President Clinton)
2000 United States federal budget – $1.8 trillion (submitted 1999 by President Clinton)

@Subsumedpat He screwed with energy. Whammo…. inflation leads to recession

@carpediem But how did he "cause" recession. We go through recessions every 10 years and always have no matter who is president. The pandemic had more to do with triggering this one than anything else. The pandemic crushed oil demand in 2020, some oil companies went out of business. Some small wells which accounts for a respectable amount of U.S. oil production were permanently capped given the bleak outlook. Some workers left the oil industry. The oil industry is moving slow to recover, they always do.

@Subsumedpat Spending doesn't occur in a vacuum. It's not only how much the drunken sailor spends, but what he spends it on and when. Buying liquor and whores when he has no money makes it even worse.

Read from The Hill from back in November of 2021;

[i]Even before the House passed a nearly $2 trillion social spending bill last week, President Biden had promised that inflation would be a temporary problem. Treasury Secretary Janet Yellen played down inflation concerns, assuring consumers in June that inflation would peak at 3 percent and that the spike would be “transitory.” Biden’s chief of staff, Ron Klain, endorsed a view from a far-left economist that inflation and supply chain issues are “high-class problems.”

I say working families are high-class people — and we know how to do the math. Our budgets show us that the money we earn, even from all the extra hours we’re working because of the government-funded labor shortage, isn’t buying as much.

In October, inflation came in at a 31-year high of 6.2 percent, making it the sixth consecutive month that inflation has been above 5 percent. After that, Fed Chairman Jerome Powell backpedaled on the “transitory” label for inflation, instead acknowledging that inflation is expected to persist.

Families are struggling. Worries on how to pay for groceries, heating and gasoline overshadow the holidays, all while wages are going up — just not fast enough to keep up with the stealth tax that is inflation. Prices are steadily outpacing our wage gains. In my home state of Pennsylvania, for example, despite average hourly earnings increasing by 4.4 percent in August, there was a reduction in real average wages, thanks to inflation.

You read that right: Pennsylvanians are making more money but are getting poorer. And the problem is not just confined to Pennsylvania, U.S. Bureau of Labor Statistics show.

We knew that this spiraling inflation was coming. The infusion of “free money” and economic shutdowns simultaneously fueled a massive worker shortage and a huge, ongoing spike in demand from consumers. With boosted unemployment checks and the largest child tax credit payments in history, the government paid workers to stay home at least until Labor Day. Now, many people apparently don’t want to return to work.

The solution is rooted in basic economics: If we want inflation to go away, we must ease up on federal spending and let the supply side catch up to the demand side of the economy. Yet, Democrats in Washington continue to live in denial and pursue the same failed policies. They rely on their intentions to help, rather than grapple with their policies’ disastrous results.[/i]

@Budwick Inflation was not caused by Bidens social spending it was caused by the pent up demand over covid and the shortcomings of supply chain problems. Not to mention Putin's war. Try reading economic journals instead of political ones.

@Subsumedpat [quote]it was caused by the pent up demand over covid and the shortcomings of supply chain problems.[/quote]

OK, Suppose that's true. Was Biden and comp[any unaware of covid? Were they unaware of supply chain issues? Like I said - [i] It's not only how much the drunken sailor spends, but what he spends it on and when[/i]

@Budwick Of course he was aware of it, it is not like it was something you could just stop, you know shine a uv light inside the body or drink some bleach and it would go away.

@Subsumedpat Effective executives don’t make excuses when things happen, they manage them. Sleepy joe doesn’t even manage a teleprompter.

@redredred Kind of missed the point, we have always had recessions and recoveries from them, it is a cycle often called the business cycle. And over and over again the same thing happens, the party in power during a recovery says look what we did, the party not in power during a recession says look what they did. When if fact either would have happened anyway. People are just too stupid to notice.

@Subsumedpat I didn’t miss the point, I made the point. Yes, there is an irregular economic cycle but good managers mitigate the effect. Judicious use of budgeting, spending, taxation, foreign trade balances and interest rate manipulation has an effect the a good executive uses for general benefit. A goof like Biden intentionally ending our energy independence basically threw sand in the economic gears of our country.

@redredred Except that Biden did not really end out energy independence, energy production in this country collapsed with the recession, it is and always has been slow to rebound, nothing to do with Biden. Only thing we could do is to have not done anything about the Ukrainian invasion and supported the continued flow of oil from Russia, that would not have much effected us but it would have effected the world price of a barrel of oil which would effect us. But then that is a moral decision not an economic one.

@Subsumedpat put down the bong. Ending the pipeline affected oil futures and that drove up the price. It’s sweet you want to parrot the socialist party line but your boy is a moron.

@redredred I am not parroting the party line just what I read in Forbes and the Wall Street Journal, had the pipeline not been canceled it would not be yet in operation so it could not possibly have been the reason the current prices. Like I said demand fell drastically and over a long enough period of time that the catch up will be difficult and take a long time, I did not expect the oil prices to get back to normal till late fall but the Ukrainian situation may make it take longer. Also the pipeline had nothing to do with US energy independence as that oil was destine for the Gulf where it would be sent overseas on tankers.

@Subsumedpat [quote]Biden did not really end out energy independence, energy production in this country collapsed with the recession[/quote]

So, we're already in a recession?

@Budwick No but not far from it and it will happen within a year.

@Subsumedpat So, how much of what you say am I supposed to respond to?
It would be more productive if you would only write what you think is correct.
Save the BS for twatter.

@Subsumedpat yep a cycle!
Dumbocrats is power INFLATION
Conservatives in power PROSPERITY
It is time to cycle back to good times

@redredred what he's basically saying is this: anything good that happened under biden, he gets credit for it, anything bad that happened is someone else's fault or it couldn't be avoided.

@redredred

[quote][i]Sleepy joe doesn’t even manage a teleprompter. [/i][/quote]

Sleepy Joe couldn't manage a 12in pizza.