- Aug 10, 2021
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Biden’s big-spending policies helped fuel inflation
- Thread starter vaquerizo
- Start date
Once again, we're supposed to believe that Biden's one stimulus package caused it but Trump's TWO stimulus packages, tax cut, and tariffs didn't. Got it. Intellectual dishonesty at it's finest.
- Aug 10, 2021
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Well, that's certainly where it started.
Maybe Biden could just convince everyone it will be gone by Easter? One day, it will just disappear.
Trump's policies definitely led to it. Two stimulus packages, tax cuts, tarriffs.
- Aug 10, 2021
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Biden isn't done yet wait until forgives $10,000 worth of student-loan debt per borrower, for a total of $360 billion in loan elimination. Driving inflation and college costs even higher. :facepalm:
Eliminating $10k in debt for student loan borrowers won't inflate the money supply and please explain how the government forgiving part of a loan between themselves and an individual borrower affects college costs?
- Aug 10, 2021
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Democrats passed The American Rescue Plan in March 2021, with no Republican votes. The ARP flooded an additional $1.9 trillion in stimulus money into the economy, after Congress had already provided $4 trillion worth of COVID aid in the prior 12 months. The ARP included familiar types of relief stimulus checks, extended unemployment benefits plus Democratic priorities such as new health care subsidies and a more generous child tax credit.
A few economists warned that the ARP could cause an inflation spike, but most doubted that, including virtually all of President Biden’s economic advisers. The inflation rate at the time was just 2.7%, and inflation hadn’t been a serious problem since the early 1980s. Those advisers, including Treasury Secretary Janet Yellen, knew that after the last recession, from 2007 to 2009, the government hadn’t done enough to boost the economy, which sputtered along for years. The fiscal firepower they endorsed in 2021 was supposed to trigger a faster recovery.
The problem now is that inflation has soared to 8.6%, the highest level since 1981. Biden himself faces a credibility problem, since last summer, he told voters rising inflation would be a temporary problem. He was wrong.
A few economists warned that the ARP could cause an inflation spike, but most doubted that, including virtually all of President Biden’s economic advisers. The inflation rate at the time was just 2.7%, and inflation hadn’t been a serious problem since the early 1980s. Those advisers, including Treasury Secretary Janet Yellen, knew that after the last recession, from 2007 to 2009, the government hadn’t done enough to boost the economy, which sputtered along for years. The fiscal firepower they endorsed in 2021 was supposed to trigger a faster recovery.
The problem now is that inflation has soared to 8.6%, the highest level since 1981. Biden himself faces a credibility problem, since last summer, he told voters rising inflation would be a temporary problem. He was wrong.
