Does anyone just flat out think our president is a moron? I'm tired of beating around the bush, this man is totally incompetent in every single way shape or form.
When is this dumbass going to actually do something good for this damn country? He is a complete joke and a fool! NONE of the American public has any confidence in this man. At this point I feel I have more economics education than he does.
President Joe Biden says he is prepared to go to battle with inflation, as government data confirms a pace of price increases not seen in decades.
The Bureau of Labor Statistics reported Wednesday morning that prices rose 6.2% on a year-over-year basis in October. A pace that fast has not been recorded on the Consumer Price Index since December 1990.
“Inflation hurts Americans' pocketbooks, and reversing this trend is a top priority for me,” Biden said in a statement after the CPI data release. The president said his nearly $2 trillion Build Back Better plan will be key to supporting the U.S. economy through the recovery, downplaying concerns it would further exacerbate inflation.
The CPI data, which showed prices rising 0.9% on a month-over-month basis, appeared to be boosted by higher prices at the pump. Gasoline prices rose by 6.1% just between September and October. Fuel oil prices rose 12.3%.
Biden said he has directed the National Economic Council to “further reduce” costs in the sector. He has also asked the Federal Trade Commission to “strike back at any market manipulation or price gouging in this sector.”
No longer transitory? But underlying components in the CPI show prices rising for other types of major expenditures faced by Americans. The cost of food at home rose by 1.0% and shelter costs were up by 0.5%.
Policymakers at the Federal Reserve, the nation’s central bank, had brushed off higher inflationary prints as “transitory.” The idea: that COVID-related bottlenecks in the global supply chain (i.e. for microchips) would lead to temporary price spikes that would eventually pass.
Chip shortages, for example, led to a surge in used car and truck prices, making the category a common talking point for transitory inflation. But after months of price decreases that appeared to show signs that price pressures were indeed fading, October’s report showed price tags again increasing, by 2.5%.
The Fed, which has been pumping money into the economy through the COVID-19 crisis, is warning that high inflationary prints will likely last through new year's. This month, the Fed will take the first steps in paring back its stimulative policies — by slowing the pace of its bond purchases.
But the central bank has not messaged any intention to immediately raise interest rates. The Fed has pinned near-term borrowing costs at near-zero to support the pandemic recovery.
Inflation concerns are rising at the same time as the Biden administration’s deliberations over whether or not to replace Fed Chairman Jerome Powell, who joined the Fed as an Obama appointee but was tapped for the head job by Trump.
“I want to reemphasize my commitment to the independence of the Federal Reserve to monitor inflation, and take steps necessary to combat it,” Biden said in the statement.
Brian Cheung is a reporter covering the Fed, economics, and banking for Yahoo Finance. You can follow him on Twitter @bcheungz.
that's ok.. he told the journalist that they and Americans are too stupid to understand or explain the supply chain.
"And so, people are worried. People are also worried about, you know, coming up — they don’t — understandably. “Why is the price of — of agricultural products — and when I go to the store, why is it higher?”
What — like, for example, if I had — if we were all going out and having lunch together and I said, “Let’s ask whoever the — whoever is at the next table, no matter how — what restaurant we’re in — have them explain the supply chain to us.” You think they’d understand what we’re talking about?
They’re smart people. But supply chain — “Well, why is everything backed up?” Well, it’s backed up because the people who supply the materials that end up being on our kitchen table or in our — in our fam- — our life — guess what? They’re closing those plants because they have COVID. They’re not —
And so, it’s a complicated world that people are facing. We’ve never faced anything like this before. I mean, I’m not saying it’s the worst of every time in American history, but we never faced anything this — this, sort of, defiant of understanding of what’s going on.
And you can understand why people are upset. And I — whether you have a PhD or you’re — or you’re working, you know, in a restaurant, it’s confusing. And so, people are understandably worried. They’re worried.
And so, all I can say is: What I’m going to try to do is explain to the American people, as best I can — And, by the way, you all write for a living. I haven’t seen any one of you explain the supply chain very well. No, no, I’m not being critical. I’m being deadly earnest. When your editor says, “Explain the supply chain.” Okay? “Lots of luck in your senior year,” as my coach used to say. "
Blocking those who argue to argue, eliminates the argument.
Heating costs are expected to rise 30 to 40 percent this winter. 1 in 8 Americans live below the poverty line. Heating costs cause homelessness now. Just wait. By March we could be facing 1 in 7, 1 in 6, maybe even 1 in 5 living below the poverty line.
Woke Biden is finally waking up to the fact he has caused this inflation by his own programs. He said his program to provide everyone with $1400 and other giveaways has filled people's pockets but with nothing to buy, they are competing for what is available, driving prices up.
Trump's economic advisors knew these things ahead of time because they thought things through. Biden's people, not so much, so he learns after the fact.
I understand that people such as yourself have your hair on fire and are looking for someone to blame. But this isn't simply a United States issue. It's a global issue. Inflation and rising fuel costs are issues that no politician is responsible for nor can any politician fix it. Your finger pointing and tantrums won't change any of that.
Inflation Surges Worldwide as Covid-19 Lockdowns End and Supply Chains Can’t Cope
Heating costs are expected to rise 30 to 40 percent this winter. 1 in 8 Americans live below the poverty line. Heating costs cause homelessness now. Just wait. By March we could be facing 1 in 7, 1 in 6, maybe even 1 in 5 living below the poverty line.
Woke Biden is finally waking up to the fact he has caused this inflation by his own programs. He said his program to provide everyone with $1400 and other giveaways has filled people's pockets but with nothing to buy, they are competing for what is available, driving prices up.
Trump's economic advisors knew these things ahead of time because they thought things through. Biden's people, not so much, so he learns after the fact.
Shame!
It's a part of the plan to get more and more people on the government cheese.
If everybody had like minds, we would never learn.
Half the sources you linked to are biased so they can't be taken seriously.
If you think Biden doesn't have anything to do with this than you're gravely mistaken. I'm still 100% certain that I know more about economic theory than Joe Biden. He thinks that printing money like a mad man and pumping it into the economy doesn't have any type of negative effect.
Printing trillions of dollars you don't have to spend in the first place causes problems. It creates inflation which is a fact. Are you actually trying to dispute that? This is like Econ 101, come on.
Exactly. The economic advisors are either completely incompetent or doing it deliberately. Now Biden, he's just an idiot so maybe I can't blame it all on him but when his office says for months that inflation won't be that bad, it's temporary, percents won't be higher, and then they are, well they look like complete fools any way you slice it. Do they think people don't remember what was said just a few short months ago? Also why can't they accept responsibility? Say they made a mistake or were wrong?
We have people running this country who have no idea what's going on.
So what goofball moves are being made in our country that are so different than anywhere else on the globe? It's easy to throw crap against the wall to see what sticks.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
I see in your zest for trying to blame someone you have decided to totally ignore this is a global issue. Not surprised.
Covid was a global issue... people still blamed Trump for how he handled it in the US. But you are saying that since inflation is a global issue, that we are NOT allowed to be critical of how Biden is handling it in the US?
I'm asking what is being done that is so different than anywhere else? What is it this administration is doing that people seem to think makes this global issue the fault of the Biden administration here at home? You see, during Covid you could point to countries that handled the situation much better and getting better results because of it. In this situation I see no such examples. From China to Europe the results are the same. That wasn't the case with covid. So once again, I see mud being slung but no substance other than "yeah but".
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
No, the results are not the same. Every country is experiencing inflation, just like every country experienced covid cases and death.. but not the same.
Here is a link as of Sept/Oct of various countries and their inflation rates.
If you don't want to click on it, I will give you some of the highlights...
Japan was .2% China was 1.5% France was 2.6% Great Britain was 3.1% Europe collectively was 4.1%
I see in your zest for trying to blame someone you have decided to totally ignore this is a global issue. Not surprised.
Covid was a global issue... people still blamed Trump for how he handled it in the US. But you are saying that since inflation is a global issue, that we are NOT allowed to be critical of how Biden is handling it in the US?
You sort of answered your own question. Or you avoided the question I asked 40.
People blamed Trump for his HANDLING of covid. Not covid itself - though many Trumpians tried to blur that line/distinction.
My question to 40 and to you - what is it regards Biden's HANDLING of inflation do you feel is an issue. Instead of running with the kneee jerk emotional stuff like 40 did before. What are - factually - things that Biden has control over that he has mismanaged?
As stated in another thread - I see global supply chain issues as the root cause of all inflation. I don't see a magic pill that any government can come up with to solve this. Also as someone pointed out the other day when a poster wrongly railed against the "keystone pipeline" being the cause of inflated gas prices - when in fact that's Canadian oil, refined in the USA but EXPORTED ( so zero impact on US supply).
Yes - there is inflation. What is it that Biden has done wrong handling it? Factually?
The more things change the more they stay the same.
He admitted we have an inflation problem that needs addressed. He didn't admit his administration created the problem. As usual you have no evidence of what you're claiming and you seem to be majoring in obtuse.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
So still you nor anyone else is willing to point out exactly what the Biden administration has done to make it worse. I see....
So still you nor anyone else is willing to point out exactly what the Biden administration has done to make it better. I see....
He's the President, this is happening on his watch, he's either making it better... or he's failing... that's the standard that has been set for past Presidents. I don't have to prove that he made it worse, I don't have to prove that he's the reason we are 2x-3x worse off than many of the other G20 nations. Since this has been building since June(ish), you have to tell me what he has done to alleviate it.
He admitted we have an inflation problem that needs addressed. He didn't admit his administration created the problem. As usual you have no evidence of what you're claiming and you seem to be majoring in obtuse.
Au contraire...
And the irony is: People have more money now because of the first major piece of legislation I passed. You all got checks for $1,400. You got checks for a whole range of things.
And — but guess what? They’re not going out to dinner and lunch and going to the local bars because of COVID. So what are they doing? They’re staying home, they’re ordering online, and they’re buying product.
Well, with more people with money buying product and less product to buy, what happens? The supply chain is the reason, and the answer is you guys — and I’ll get to that in a minute — but what happens? Prices go up.
But what happens if there’s nothing to buy and you got more money? You compete for getting it there. It creates a real problem.
He admitted we have an inflation problem that needs addressed. He didn't admit his administration created the problem. As usual you have no evidence of what you're claiming and you seem to be majoring in obtuse.
So, if I have this right, covid was a world wide problem (still is), but Trump didn't handle it well enough for you, so most of the deaths from covid in the u.s. are trumps fault. Got it.
Inflation is REAL, and here (as I stated months and months ago), BUT, in your eyes, since inflation is kinda sorta happening elsewhere, it's a world wide problem, and Biden can't do anything about it here. Do I have that right?
An R, who WAS a D, gets blamed for deaths from covid.
But, a D, who has had some, what, 40 years in office to fix problems (get rich), can't take any blame for inflation here?
Shut down pipelines. Hell, shut down electric plants. Give money away, don't expect people to go to work.........and then we have supply chain issues that, according to Biden, no one understands other than he and his group. Yeah, just give him a pass.
Hey, how has Biden done stopping covid since he's been in office?
I should make my point more succinct. Trump took the blame from some for his handling of a global crisis. A crisis (virus) never seen before. A complete unkown. At least to us plebes in the world.
Biden is sitting on top of inflation, a known issue since forever, and he's done nothing about it. Oh, it's affecting the whole world? It's affecting HERE a lot worse than most places. And our president is............shutting down pipelines?
Have.......well, no there's not much one can do about inflation, right? Good luck heating your homes this winter if everything I'm reading comes even close to being correct.
But nah, a know issue isn't the president's fault. Non action IS.
in the news, the Columbus urban league is having a crisis (they say on par with covid) of people about to become homeless, they had 12000 calls since july, about 4000 a month. So they want local leaders, to do something, come up with something to address the expensive ness of housing.
Watching it, I think, ... Well, why doesn't Biden just make a statement that everybody on earth needs to lower their mortage or rent by 15-20 percent, the number is not important, the fact that Biden should just be able to demand it and people are forced to follow along is the point. I mean that is the democrat mindset of totalitarian control.
Now. On the other thing, the inflation... ( I came across a headline, " surprise," < ya that's a joke a surprise really? > "surprise agreement between the US and China on trade."
in the last 24 hours. Now!! If we understand, that Biden, or whomever is oiling him with an oil can, and pushing his levers, and pulling the talk words string, whether that is Kamala, or ..Obama, (I think it's Obama, I'm begingin to think it is Obama.) If we Understand that Obama, President, current Obama, IS CHINA, is so in bed with China, and Russia, then there is NO Surprise on the agreement on climate change, that China and USA make, because, China is in control of both sides, The China side, and the Obama side. So,
If We can, Understand, (and Please understand this one point if it's the only one you do.) Since, China is in charge of the USA, then the Fact that the US dollar is being devalued, goes right along with the plans, and everything in their opinion, is working fine.
To you' / your, the average Americans' HURT. But that was the plan, wasn't it.
Can Deshaun Watson play better for the Browns, than Baker Mayfield would have? ... Now the Games count.
30 year high? only 30 years?? What the heck happened 31 years ago? Oh, Bill Clinton was Elected,, wait, I mean, the Democrat party controlled Congress under the RIno Bush 41, did their mid term shennanighans, to crush that economy, later to lead to Bill Clinton getting gelected. Oh Bill Clinton was playing saxophone on a television talk show, (Evil), he had a nice smile but sure was bad for America imo. Bad before he arrived, while he was in office, and after he left, bad, bad, bad.
Can Deshaun Watson play better for the Browns, than Baker Mayfield would have? ... Now the Games count.
Feeling broke? Blame Trump. Want things to get back to normal? Trust Biden and company. Progressives will build back better if ignorance just takes a break long enough to let it happen. The lot of you need to just chill...
BIDEN GOT THIS!
Special thanks to 40 for that special saying.
Last edited by OldColdDawg; 11/11/2108:37 PM.
Your feelings and opinions do not add up to facts.
The poor are still poor. Maybe poorer with inflation. But, that's kind of the standard from the dem's. Everything they claim they do to help the poor only adds more poor people, who then vote for them, and get poorer.
Add to our inflation problem is spending trillions and giving the house away to people in the form of checks. There is more money chasing around for goods that aren't there.
I suppose the plan is if they can't out and out steal the money from people, make their money worthless so they too have to show up for the bureau's cheese.
If everybody had like minds, we would never learn.
Covid is a global issue. That didn't stop people from blaming trump for the way he handled it. Now, people are blaming Biden for the way he handled inflation(by ignoring it). All year I've heard him down play inflation. It wasn't until a couple a weeks ago I heard him even acknowledge it was a problem. Oddly enough, over the summer, Biden sounded a lot like Trump with covid "it's temporary, it will go away..." Remember this tweet? Biden was celebrating lower prices that he had nothing to do with. If he is going to take credit for the good, then he also gets credit for the bad. Lastly, Biden and democrats think more government is the solution to all of our problems. Now he's being called out on it. Let's see him fix it.
Quote
Biden and his team initially dismissed concerns raised even by some Democratic economists that the stimulus bill he signed in March poured too much fuel on the economy, driving prices higher. Among those raising warnings was Larry Summers, who served in both the Obama and Clinton administrations. "I think we're speeding down the road, at a really rapid rate. It's kind of a downhill road. And it's not going to be so easy to put the brakes on here. And that's why I'm concerned," Summers said Wednesday on CNN's "Cuomo Prime Time." "I think that the policymakers in Washington, unfortunately, have almost every month been behind the curve," Summers went on. "They said it was transitory. It doesn't look so transitory. They said it was due to a few specific factors. Doesn't look to be a few specific factors. They said, when September came, and people went back to school that the labor force would grow. And it didn't happen."
I can't believe we have hyper inflation.... who could have seen this coming? I mean, 40-50% of US money currently in circulation was printed in the last year!! How the heck could that cause any inflation?!?
The poor are still poor. Maybe poorer with inflation. But, that's kind of the standard from the dem's. Everything they claim they do to help the poor only adds more poor people, who then vote for them, and get poorer.
When have we even tried trickle up? Is it such a hard concept to understand that those with very little have needs? If you put money in the hands of those who have needs, they spend that money on goods and services. When people spend money, the businesses they support thrive. From post WW2 until the late 1970's was the greatest our economy has ever been. Unions were strong and good paying jobs were more readily available.
And what has happened since? Unions have been undermined, the minimum wage has been frozen for over a decade and the economy will not get better until that all changes. The right claims giving huge tax breaks to businesses create jobs. That just handing them money means they will hire people. News flash. That's not how a business works. They create jobs based on need. To do otherwise would be ignorant. Why would anyone hire workers they don't need?
They hire people when the demand for their products increase. That can only be accomplished when the people who buy products have money to spend on them. This isn't complicated.
Did Trump’s tax cuts boost hiring? Most companies say no
I don't have to prove that he's the reason we are 2x-3x worse off than many of the other G20 nations. Since this has been building since June(ish), you have to tell me what he has done to alleviate it.
If people are going to sit around and make the claim he is making it worse, yes it's up to them to show how that's happening. I'm not the one making accusations I refuse to back up with facts that support it. I never thought you would turn into one of those people either. My bad.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
Half the sources you linked to are biased so they can't be taken seriously.
If you think Biden doesn't have anything to do with this than you're gravely mistaken. I'm still 100% certain that I know more about economic theory than Joe Biden. He thinks that printing money like a mad man and pumping it into the economy doesn't have any type of negative effect.
Printing trillions of dollars you don't have to spend in the first place causes problems. It creates inflation which is a fact. Are you actually trying to dispute that? This is like Econ 101, come on.
You had no problem printing trillions of dollars from 2016 through 2020. Those sources are only what you call bias because you refuse to accept the facts they contain. It's the standard line from Repugnantants. "We don't like the facts so it must be fake news!"
Once again, show me the facts of exactly what he's done instead of just sewing drivel.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
Feeling broke? Blame Trump. Want things to get back to normal? Trust Biden and company. Progressives will build back better if ignorance just takes a break long enough to let it happen. The lot of you need to just chill...
BIDEN GOT THIS!
Special thanks to 40 for that special saying.
I don't trust Biden to know what day it is, let alone figure out how to be part of the solution to a complex global problem.
I've been saying for decades that if you listen to every democratic campaign, they have 1 solution to every problem. Throw more money at it.
Wanna fix climate change? We need to spend more money on it. Wanna fix poverty? We need to give more money away. Wanna fix education? We need to double the money we spend on it. Wanna fix higher education? We need to pay off everybodys debt and make it free Wanna fix healthcare? We need the government to pay for everything. Wanna fix the infrastructure? We need to spend trillions of dollars.
Well, here we are with really dangerous levels of inflation.... know what you can't do to fix inflation? Print and throw money at it, because that's like pouring fuel on a fire...
So the D's might have to get a little creative and break from the script if they want to have any chance of easing this problem.
The poor are still poor. Maybe poorer with inflation. But, that's kind of the standard from the dem's. Everything they claim they do to help the poor only adds more poor people, who then vote for them, and get poorer.
Sounds reasonable. I mean 40 years of trickle down was a dismal failure AND this last 40 minutes of trickle up is sure to fail because dems... GMAB smh. How about you give it a chance. as if.
Your feelings and opinions do not add up to facts.
Add to our inflation problem is spending trillions and giving the house away to people in the form of checks. There is more money chasing around for goods that aren't there.
I suppose the plan is if they can't out and out steal the money from people, make their money worthless so they too have to show up for the bureau's cheese.
Flooding the US with new dollars does create debt, yes. But doesn't it also devalue foreign debt at the same time. We're not just watering down your buying power Peen, we are watering down China's too! You don't support China do you Peen? That would be something commies do.
EDIT: I forgot to mention that that flood of US dollars into the US economy will primarily go to programs for working people and poor people to help make tens of millions of lives just a little better. New jobs, I know, "Who is going to take them", but at 30-45 dollars an hour, I doubt that will be an issue.
Everything good in these bills has some bogus counter BAD reaction on the right... yet their reps are touting the infrastructure bill as a good thing like they delivered it... and they are eyeing the BBB bill for the same. Shameful.
Last edited by OldColdDawg; 11/12/2102:48 PM.
Your feelings and opinions do not add up to facts.
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