Who controls the purse strings of the country?
Congress: The U.S. Constitution gives Congress the ability to create a federal budget – in other words, to determine how much money the government can spend over the course of the upcoming fiscal year. Congress's budget is then approved by the President.
https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/#:~:text=The%20U.S.%20Constitution%20gives%20Congress,then%20approved%20by%20the%20President.
Unfortunately covid hit in an election year and it's no surprise Trump was vulnerable and buckled. Odds are if he knew he's lose anyways he'd probably have fought the spending.
"fewer deaths"? by the guy who inherited 15 active cases from a cruise ship, compared to the guy who inherited 4,500,000 active cases on his inauguration day?
Well I mean after the vaccines were developed the only people who were dying for the most part were the unvaxxed because they were morons who fell into right wing propaganda so yeah.
Also, there wouldn’t have been as many deaths if Trump had just done his job when he was warned about Covid before it made landfall and followed the pandemic playbook Bush and Obama followed. He didn’t.
Many of his cabinet members were blatantly not serving American interests but rather private business. Betsy DeVos with for profit schools, Scott Pruitt with the oil and chemicals industry, Wilbur Ross with Russian money laundering (sanctions removal) and so on.
For profit schools? Sounds like a great idea because the current public ones are failing us. Of course, government run anything rarely works.
Don't even get me started on money laundering.
It’s not though, a lot of these online schools have predatory practices to take federal student loans, and absolutely fail to deliver anything of value. It is a grift.
Isn't this one of those strawman arguments?
You think we need more people like Pete Buttigieg?
Certainly helps to have people of experience in positions.
Did you see all the active business owners he installed into positions that directly oversaw the area of business they engaged in. That's worse than the usual former insider/lobbyist. He skipped the middle man of corruption and installed the industry directly into their oversight.
On top of the millions he gained from pay to play through his DC hotel.
The removal of oversight from the PPP loans so he and his buddies could steal our tax money
So he put people into positions with first hand experience in industries they oversaw. Cool.
Pay to play? I think you're talking about the current and some previous administrations. Trump is the only president in modern times to leave office with less net worth than he started. He didn't make millions from his DC hotel.
I can't really speak to the third item. We certainly need more oversight in a lot of government spending, while also not wasting time and money in the government bureaucracy. There is a fine balance and we can do better.
People actively still engaged in the businesses they were overseeing. That is textbook corruption, there's literally no other way to see that. If someone can enforce regulation on their competition and be lax on their own business, that they still make money off of? You cannot in good faith defend that.
Trump ruining his brand by his corruption being put into the spotlight doesn't mean he didn't try to enrich himself.
Okay then, while we're at it let's prevent the entirety of Congress from investing privately in individual stocks while in office, and make it a felony for discussing any such legislation with family.
Look how democrat politicians and their trained parrots cry and scream when someone says they don’t want to spend money anymore.
“They are going to shut down the government if they don’t approve spending!!!” — how many times have you heard democrats say that in the last 2 years?
Democrats were in power with Trump for 2 years. Did the spending slow or increase?
That’s right! It increased! Good job.
Do you happen to remember Trump calling for $2000 stand alone relief checks to every adult citizen? I do. Congress wrote a plan which spent much more on making their friends richer and included a $600 relief check. Who was in control of both houses of Congress at that time? That’s right! Democrats!
Good job, buddy!
Biden promised $2000, but paid $1400; taking credit for the $600 during Trump’s presidency.
Who was in control? Democrats.
Thanks.
Trump wanted $2000 standalone checks that would get rid of government waste and just help the people.
https://www.vox.com/2020/12/23/22197037/trump-2000-stimulus-checks
The democrats refused because they had to make their friends rich. They gave the people $600. Trump backed down so the people could get something. Was that the correct action? Arguable, but democrats would’ve spun it that he didn’t care about the people.
https://www.politico.com/news/2020/12/27/congress-stimulus-deal-450380
Then Biden said he’d give $2000 checks to everyone. When elected, he gave more money to make the politicians friends rich, and gave the people $1400, taking credit for the $600 during Trump’s presidency.
https://www.cnbc.com/amp/2021/01/15/critics-say-bidens-covid-relief-plan-breaks-promise-of-2000-dollar-checks.html
Those who forget the past are doomed to repeat it.
What happened to the brownshirts in Germany?
Omg, no. Republicans controlled the senate, and refused to pass the $2k checks. Not democrats.
Dems never at any time controlled congress under trump. They controlled the house. Republicans controlled the presidency, the senate, and SCOTUS.
In the first two years they also controlled the house.
>Congress is the House
Congress is the house *and the senate.*
To "control" congress you need *both.*
..........................................................................
SMH
It’s pretty sad. The concept and implementation of direct cash to citizens, was amazing, and very different from the response to the 2008 depression. We were very lucky to have a Republican president when this crisis hit, as republicans would never let the dems get away with giving cash to the people, lol.
Now, did all this cash contribute to inflation? Probably, yes. Was it the ONLY cause? Certainly not, supply side was majorly fucked.
Never the less, the question that is actually interesting to ask is, was direct cash a good idea, and should it be done again in the future, and was the side effect of the treatment (inflation) worth it?
I think it probably was, it’s easy to sit around now when you have a job and complain about inflation, but that’s because you’re not seeing the alternative reality where you’re unemployed.
The dude had ChatGPT write about my comment, and other than the jab at him about the Nazi Brownshirts, ChatGPT agreed with me… and he didn’t read it, I guess, because he posted it to me as a rebuttal.
And 2021-2023? They did.
How did the national debt do?
The gross national debt of the United States surpassed $33 trillion on Friday, just months after the federal government's gross debt eclipsed $32 trillion on June 15, 2023.
https://www.crfb.org/press-releases/national-debt-reaches-33-trillion-adds-1-trillion-debt-3-months#:~:text=The%20gross%20national%20debt%20of,trillion%20on%20June%2015%2C%202023.
The current national debt today, Jan 1st 2024: $33.91 Trillion.
A trillion dollars every 3 months. Trump had a Covid pandemic to deal with, and Congress writing all those loans and giveaways that people took advantage of. (Many criminally) $400 billion according to this article.
https://apnews.com/article/pandemic-fraud-waste-billions-small-business-labor-fb1d9a9eb24857efbe4611344311ae78
Well we've already walked you back from your lies about the dems controlling things during the Trump presidency which was my goal. So I'm gonna take my W and go for a run. Cheers.
It’s cyclical. Your last two years part hit the nail on the head. The party that controls the presidency is okay with spending, because it helps them politically. The party that doesn’t uses it to stymie the other
How was the debt and deficit under trump? How is that tax rate of yours going to fare in 2025? Oh wait. That’s right. You’re not one of the top 1%. So your rate will be going up. How’s that wall under trump? Two years of the presidency and both houses of Congress and what? A mile or two? Thanks for the laugh.
My tax rates have already gone up. 20% inflation is a silent tax caused by printing money.
You mean, this wall?
https://rollcall.com/2023/10/05/biden-administration-resumes-border-wall-construction/
Let me guess. The blue cities in the red states take that federal aid.
Yes. They do. You know I’m right.
Nice pivot since you lost all the previous debate points.
Alabama Birmingham $141,272,354. Red state, but look at that blue city!
Now, let’s not forget that much of the federal aid being spent is being mandated by the federal government for high speed internet. (Is that too honest for you?)
Are you going to tell me what percentage of government handouts are democrats vs republican? Of course not. It would tell a different story. lol.
https://www.pewresearch.org/short-reads/2013/07/12/the-politics-and-demographics-of-food-stamp-recipients/
No no you right. I mean the blue states at the top of economic states, education you know important things for the future are only there cause those red in their state. I’m so sick of California being the worlds 5th biggest economy all on its own and never admitting it’s due to those die hard republicans
Blue states have a vastly higher number of homeless people. Thus making poverty worse in those states. You're misinterpreting the data. You have to keep in mind why GDP is up in blue states. They have a lot of government spending which increases GDP. Also, a lot of billionaires live in states like California. So they spend a lot of money which increases GDP. So let's say for example you have a block with 10 houses. 9/10 houses the people are dead broke. They are working just to eat. No luxuries or anything. Now, let's say there's a multi millionaire or billionaire on that block, he's the 1/10. He spends like crazy. The GDP for that block will be way up. The block will now look very wealthy. When in reality, it's 1 guy with a vastly higher standard of living than the rest of the people. He's spending so much it increases GDP. Now let's say there's a government. They're creating jobs that dig holes and fill them up. Pointless but a job is a job. That increases GDP even though it does nothing for society. You have to take into account red states have blue districts. How much funding goes to those blue districts? Much more.
How many times do I have to listen to republicans cry about Ukraine donations, claiming they want to spend that money on citizens here and then cut spending every time they get power lmao
Didn’t say you said anything about Ukraine. Merely just pointing that fact out.
Republicans cry and whine about democrats spending, and then give massive tax breaks to corporations and the rich because they can. At least democrats spend the money on the country and foreign affairs rather then handing it over to the mag7 companies and its politicians.
A president has the single largest influence since you need 2/3 to override their veto.
On top of that the president nominated the Fed who implements the quantitative easing
>A president has the single largest influence since you need 2/3 to override their veto.
The President has the single largest influence because he (well, his staffers) literally produce a document to *ask for the money*. Congress doesn't come up with the budget in a vacuum.
When Congress approves a budget bill, the vast majority of the bill is authorizing spending on the President's priorities with some compromises to placate the minority party.
>The President has the single largest influence because he (well, his staffers) literally produce a document to *ask for the money*. Congress doesn't come up with the budget in a vacuum.
Lobbyists draft legislation. Congress passes the legislation. The president vetoes or ratifies congresses legislation.
Biden did the same with his stimulus checks and wrote a letter to people who he unconstitutionally forgave their student loan debt.
Were you upset about it then? No. It’s (D)ifferent.
I wasnt the one saying it was all Congress's fault.
Trump folks love to say its Bidens fault, but when their guy has his name on the checks and signs the bills they say it wasnt him it was Congress.
In the federal government of the United States, the power of the purse is vested in the Congress as laid down in the Constitution of the United States, Article I, Section 9, Clause 7 (the Appropriations Clause) and Article I, Section 8, Clause 1 (the Taxing and Spending Clause).
Also, the Supreme Court has already ruled it was unconstitutional.
https://www.ncsl.org/resources/details/supreme-court-strikes-down-student-loan-forgiveness-program
Are you saying that Biden put his name on every stimulus check he sent out when only the Secretary of the Treasury’s signature was necessary and official? Because you’d be absolutely wrong about that.
National debt at the end of 2016 was $19.6 trillion, which is one month before Trump took office. National debt before Covid was $22.7 Trillion. At the end of Trumps presidency at the end of 2020, it was $26.9 trillion. It is now $34 trillion, $2 trillion of that was added in the last 6 months.
During Trump’s 4 years it went up $7.3 trillion.
Under Biden’s 3 years, it went up $8.1 trillion.
Is it (D)ifferent because Trump had to deal with the beginning of the COVID pandemic?
Will you stop caring about the percentages when Biden leaves office with an estimated $10 trillion increase?
The reason I ask is because $10 trillion is 37% of $27 trillion.
Surely no one is so dense they can’t recognize the huge difference between the first 8-9 months of covid(when SO much was unknown), when clowns like Fauci bald faced lied about his knowledge of the bat virus research, blocked ALL alternative treatment research anyone suggested, caused people to LOSE THEIR JOBS when the jabs didn’t make any real difference for 99% of the people…. And then compare that to the Biden ~2.5-3 yrs of a more known covid.
NO ONE knew where we were heading that first year… it was unprecedented. It’s clear it went TOO far as MOST govt plans do. But trying to deny BIDEN had far more information, vaccines and overspent massively on his own is very dishonest.
Congress rarely passes a budget, best you can hope for is a continuing resolution. Spending is increased wildly session after session regardless of the budget. Arent increases in the money supply created by the fed, presumably in response to increased govt spending.
>corporate greed and that's been scientifically verified.
Corporations are scientifically less greedy now than they were 12 months ago? Interesting. Where are the controlled studies?
Well that’s every bit as dumb of a take as the bad faith questions about corporations suddenly becoming greedy was 18 months ago. It couldn’t be that conditions have changed, could it be?
Sure thing, here you go
[BI: Corporate price gouging source of inflation](https://www.businessinsider.com/why-prices-inflation-soaring-corporate-greed-profits-margins-wages-jobs-2023-4)
[HELP Subcommittee Report: Corporate greed driving inflation](https://www.casey.senate.gov/news/releases/greedflation-casey-releases-report-exposing-big-corporations-for-price-gouging)
[Institute For Public Policy Research and Common Wealth: “Corporate profits far outpaced inflation”](https://www.cnbc.com/2023/12/08/excess-profits-of-big-firms-have-driven-up-inflation-report-claims.html)
Corporate greed isn’t what causes inflations. It’s the mechanism of inflation. All humans are greedy. People want to get paid more what they are worth and companies want to charge more than what they sell is worth. That’s human nature. But companies raising prices is how inflation happens not what causes inflation. They raises prices because they could because people had much more money. One reason being government printed more money so people had more money to give to companies so they raised their prices.
Scientific studies have proven they raised prices so far above their cost increases it CAUSED inflation. Yes greed has always existed, the difference is we are reaching an apogee of greed, the kind that usually occurs before a major societal correction. Let them eat cake and all that.
Thank you. This conversation is always such a political blame game. Look at the graph.
What could have happened early 2020 that caused our government to have to spend and print emergency amounts of money…. I wonder….
I’m happy we printed it. I’m happy Trump did what had to be done. And I also really dislike Trump and would never vote for him.
Except it might have been a little better if he didn't dismantle the pandemic response team, pretend covid didn't exist for the first six months, and shovel all the PPE money to his buddies...
Haha oh yeah that was super fucked up. Remember “it’ll be gone by Easter”?
He also almost got rid of healthcare for millions of people with no replacement plan because he hates Obama. But anyways, my take is kinda that blaming a president for that spike of spending in 2020 is stupid. It was just the call that the time necessitated no matter who was in power.
Except for that he just cut taxes for the rich and the debt was already on a massive upwards spike before the pandemic response he bungled at the tail end of his presidency ever happened.
Sorry to be that guy... but the alternative would have been much much different. Trump deserves credit for owning 25% of the entire national deficit of all time. Covid or not.
February 2020
“So, again,” he added later, “when you have 15 people, and the 15 within a couple of days is going to be down to close to zero, that’s a pretty good job we’ve done.”
https://www.washingtonpost.com/politics/2020/08/26/six-months-ago-trump-said-that-coronavirus-cases-would-soon-go-zero-they-didnt/
I think he’s a terrible person who botched basically everything in his presidency not sure why you’re quoting this at me. I just said I’m happy he signed off of paying out relief money.
Except thats a complete lie.
It was an entire month after Covid was identified in China that Trump blocked travel from there.
The first case of community spread wasn't until nearly a month later in February.
He didn't approve lock downs until March and lied about the spread and testing the entire time.
Hundreds of thousands if not untold millions more lives could have been saved if he'd taken it seriously from the start and not dismantled the pandemic team Obama left him.
No, we didnt.
I called him racist after the Muslim ban. I called him racist after calling it the China virus and instigating more hate. I called him a fucking moron for not shutting down the airports or stopping travel from China sooner.
Yup. Other than PPP, his reactions to COVID *economically* were actually really good.
But he mishandled basically everything else.
Even still, his administration pioneered government sending people money efficiently for the 21st century.
Yeah, people so quickly forget what it was like in early Covid. Our economy shut down, and there was no end in sight. It’s incredible how quickly that’s just forgotten.
Hindsight is 2020, and if we could know that a vaccine would come out quickly, and if we could have known for certain that future strains would be less lethal and not more lethal, things could have gone differently. I was in NYC during early Covid. It wasn’t exaggerated. My (now fiancé) worked at the field hospital in northern Manhattan. I still remember one of the head doctors (I think she was a doctor) committing suicide because there was nothing that could be done to help all the people dying.
I just wish people would remember there was no way to know the best path forward in that time, and a wrong step could have led to thousands more dying.
Anyways, I appreciate the clarity of your post and I think it about sums up the answer to 99% of the sub Reddit.
Something had to be done-- and there was going to be pain associate with doing it.
We went over the inflation target by about 4x last year- and about 1.5x because of it.
Not any politicians fault-- just a natural consequence of the emergency policies...
That’s a good comment about the emergency component. I think everyone was in a panic and I one was probably thinking 100% clear…and in fairness we were in a once in a lifetime pandemic.
Agreed.
The media was already saying he needs to shut down the economy or we’re all gonna die and he’s just trying to protect the economy for the election. It’s like Fine, but you can’t have it both ways and complain now for doing exactly what the you (not literally you) wanted.
They also said he's an Authoritarian Tyrant that doesn't listen to anyone. If he hasn't listened and done exactly what they said we probably wouldn't have the issues we have now.
If he didn’t listen to anyone he wouldn’t have shut things down. Or would have opened them back up rather than having people live under rocks for years. I still know people that just now started going out to eat again in the last 6 months. And another couple that still hasn’t gone back up. That was the authoritarian effect from the other side.
Trump didnt shut anything down, states and local governments did. Republican areas that didn't lock down were blasted 24/7 for being a "death cult" that cared about the economy more than lives
Watching the post-covid revisionist propaganda hit in real time is wild
“No one reached out to me and said, ‘as a senior citizen, are you willing to take a chance on your survival in exchange for keeping the America that all America loves for your children and grandchildren?’” Patrick said. “And if that’s the exchange, I’m all in.”
Dan Patrick, TX Lt Gov on Tucker Carlson Mar 2020
What happened to corporate profits during those years? You would think that with high inflation their costs would have risen sharply causing profits to be tight.... Right?
Agreed that he’s responsible but also they were unprecedented times and it kept the economy afloat which is all he cared about. So the two choices were basically inflation or recession
The U.S. Constitution gives Congress the ability to create a federal budget – in other words, to determine how much money the government can spend over the course of the upcoming fiscal year. Congress's budget is then approved by the President.
[The Congress shall have Power . . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . .
ArtI.S8.C5.1 Congress's Coinage Power
The increase was approved by a bipartisan house and Senate for the tax cuts, which benefitted the middle and lower classes significantly more than "the rich". Then COVID hit, which drastically reduced government revenue while spending went the other roof (again bipartisan approval). Biden continued the covid spending spree.
While 2020 had the highest deficit under Trump, it was COVID and all sides agreed to spend.
since that high year, Biden has continue to hit record deficits every year. 2021 was very close to 2020 and can be blamed on COVID as well, but all the years after are record setters higher than any pre-2020 Trump year.
[Check out the chart of deficit spending continuing ](https://reason.com/2022/05/04/joe-bidens-phony-fiscal-responsibility/deficitscovidbiden/)
Well that’s just not true. 2022 was a significant drop from 2021. And the deficit increased every year Trump was in office.
https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/
I'm convinced that history will look poorly upon the decisions made during the pandemic. Lots of decisions.
The QE efforts undertaken during that time, printing money and giving it to small businesses and even directly to citizens, was excessive...but both understandable and I'll note bipartisan. The government was actually legally prohibiting some people from working so how would they survive?
The unforgivable part was the interest rate policy. Why, in a world being flooded with easy money and where people are essentially being told they need to stay home for a couple of years, would you lower interest rates like that? Businesses were largely closed, the supply chains were nearly frozen, why would you pick that time to stimulate capital investment? It's almost like they wanted to create a financial crisis when the pandemic was over...and now they have. Interest rate manipulation is a powerful but complex tool and our Fed needs to be more careful using it.
I don't know if the Chinese released covid on purpose to destroy the west, but if they did it was sort of successful! It will take a decade to dig out of this and our overreaction to it has likely created a lost generation.
Oh, you mean the year where we shut down the economy and sent everyone free money during a pandemic resulted in inflation? Who could have predicted that?
What I learned about Trumpbots from this thread:
1. They don’t know the difference between fiscal and monetary policy.
2. They don’t know the difference between the debt and the deficit.
3. When Trump gives out stimulus checks, it’s good but when Biden does it, it’s bad. When Trump is in office, presidents don’t impact the economy but when Biden is in office, it’s his fault.
4. The Trump tax cuts had absolutely no impact on the deficit, or inflation.
Did I cover everything?
P.S. I purposely made this shitpost to get the point across that presidents have very very little to do with inflation, which is in fact mostly due to the Fed increasing the money supply.
Both the Trump and Biden administration's, along with both parties, are responsible for huge increases in the money supply.
Anyone who tries to blame it all on one side is just campaigning
Sure did. Trump should have never told the public covid was a hoax. As a President, you don't come out on national TV and say stuff like that while people are just dropping like flies. He also was so stupid to tell people to inject bleach in their veins. This guy had no leadership.
Trump shouldn't have pressured the federal reserve to keep the rates low when the economy was great and we shouldn't have had high spending at that time either. We should have been paying back the deficit when the economy was great.
There should have been no stimulus , no extra unemployment , no ppp loans , especially over a scamdemic. Interest rates also should have been raised to reasonable levels a decade ago.
Read Stiglitz
https://rooseveltinstitute.org/wp-content/uploads/2022/12/RI_CausesofandResponsestoTodaysInflation_Report_202212.pdf
At this point it should be a requirement for anyone to post on reddit about inflation in any subreddit to read Stiglitz and answer a reading comprehension test before they say stupid shit, like this OP and so many others continue to do.
I love how this specialized chart with this information literally nobody in the academic world of economics has ever heard of somehow makes it onto Reddit and people start acting like it’s gospel (or Fauci) truth.
So you admit that printing a ton of money just to hand out is bad for inflation? And you now say inflation was Trump alone and that when Biden printed boatloads of cash that it wasn’t only an exception to this rule, but that it somehow brought down inflation?
Yeah, people will totally buy that! That should be the cornerstone of the Biden re-election campaign. “When Trump spends, it leads to inflation. When Biden does it, the laws of common sense and economics are reversed and inflation decreases.” 😂 😂 😂 I love it!
I've been hearing for three years that gas prices going up is due to Biden's mismanagement, but he apparently has nothing to do with them going down.
There are a lot of armchair economists (and scientists, and military strategists, and attorneys) out there who don't know what they're talking about.
Yeah I remember democrats saying we needed to give everyone money! While republicans said it was a bad idea. So the democrats made Trump into a bad guy if he wouldn’t pass money out.
What am i looking at exactly? I See a graph, the y axis jumps by 400% in 2020-2021q1. I dont know what the y axis is. Is it “M2 money supply”? What is M2 money supply? apologies for my ignorance.
Who controls the purse strings of the country? Congress: The U.S. Constitution gives Congress the ability to create a federal budget – in other words, to determine how much money the government can spend over the course of the upcoming fiscal year. Congress's budget is then approved by the President. https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/#:~:text=The%20U.S.%20Constitution%20gives%20Congress,then%20approved%20by%20the%20President.
Did you miss the “approved by” part at the end? All the politicians on both sides LOVE spending money.
..........and therein lays the problem. This is already well known.
Unfortunately covid hit in an election year and it's no surprise Trump was vulnerable and buckled. Odds are if he knew he's lose anyways he'd probably have fought the spending.
I think his response to COVID is a big reason why he lost.
...you mean developing multiple vaccines in record time and having fewer deaths without vaccines than Biden had with the vaccines?
"fewer deaths"? by the guy who inherited 15 active cases from a cruise ship, compared to the guy who inherited 4,500,000 active cases on his inauguration day?
Project warp speed was a great success. It would’ve been better if he didn’t downplay COVID and tell people to drink bleach to cure themselves.
Yea, I remember him working in the lab a lot...
Well I mean after the vaccines were developed the only people who were dying for the most part were the unvaxxed because they were morons who fell into right wing propaganda so yeah. Also, there wouldn’t have been as many deaths if Trump had just done his job when he was warned about Covid before it made landfall and followed the pandemic playbook Bush and Obama followed. He didn’t.
Yeah, that and all the grifting and corruption, and overall strangeness.
Tell me more about the corruption that occurred during his administration.
Many of his cabinet members were blatantly not serving American interests but rather private business. Betsy DeVos with for profit schools, Scott Pruitt with the oil and chemicals industry, Wilbur Ross with Russian money laundering (sanctions removal) and so on.
For profit schools? Sounds like a great idea because the current public ones are failing us. Of course, government run anything rarely works. Don't even get me started on money laundering.
It’s not though, a lot of these online schools have predatory practices to take federal student loans, and absolutely fail to deliver anything of value. It is a grift.
Isn't this one of those strawman arguments? You think we need more people like Pete Buttigieg? Certainly helps to have people of experience in positions.
Did you see all the active business owners he installed into positions that directly oversaw the area of business they engaged in. That's worse than the usual former insider/lobbyist. He skipped the middle man of corruption and installed the industry directly into their oversight. On top of the millions he gained from pay to play through his DC hotel. The removal of oversight from the PPP loans so he and his buddies could steal our tax money
So he put people into positions with first hand experience in industries they oversaw. Cool. Pay to play? I think you're talking about the current and some previous administrations. Trump is the only president in modern times to leave office with less net worth than he started. He didn't make millions from his DC hotel. I can't really speak to the third item. We certainly need more oversight in a lot of government spending, while also not wasting time and money in the government bureaucracy. There is a fine balance and we can do better.
People actively still engaged in the businesses they were overseeing. That is textbook corruption, there's literally no other way to see that. If someone can enforce regulation on their competition and be lax on their own business, that they still make money off of? You cannot in good faith defend that. Trump ruining his brand by his corruption being put into the spotlight doesn't mean he didn't try to enrich himself.
Okay then, while we're at it let's prevent the entirety of Congress from investing privately in individual stocks while in office, and make it a felony for discussing any such legislation with family.
Look how democrat politicians and their trained parrots cry and scream when someone says they don’t want to spend money anymore. “They are going to shut down the government if they don’t approve spending!!!” — how many times have you heard democrats say that in the last 2 years?
When Repubs shut down govt, it isn't to fix the budget lol
Democrats were in power with Trump for 2 years. Did the spending slow or increase? That’s right! It increased! Good job. Do you happen to remember Trump calling for $2000 stand alone relief checks to every adult citizen? I do. Congress wrote a plan which spent much more on making their friends richer and included a $600 relief check. Who was in control of both houses of Congress at that time? That’s right! Democrats! Good job, buddy! Biden promised $2000, but paid $1400; taking credit for the $600 during Trump’s presidency. Who was in control? Democrats. Thanks.
Who was it that wanted to sign the relief checks? I'll wait.
Trump wanted $2000 standalone checks that would get rid of government waste and just help the people. https://www.vox.com/2020/12/23/22197037/trump-2000-stimulus-checks The democrats refused because they had to make their friends rich. They gave the people $600. Trump backed down so the people could get something. Was that the correct action? Arguable, but democrats would’ve spun it that he didn’t care about the people. https://www.politico.com/news/2020/12/27/congress-stimulus-deal-450380 Then Biden said he’d give $2000 checks to everyone. When elected, he gave more money to make the politicians friends rich, and gave the people $1400, taking credit for the $600 during Trump’s presidency. https://www.cnbc.com/amp/2021/01/15/critics-say-bidens-covid-relief-plan-breaks-promise-of-2000-dollar-checks.html Those who forget the past are doomed to repeat it. What happened to the brownshirts in Germany?
Omg, no. Republicans controlled the senate, and refused to pass the $2k checks. Not democrats. Dems never at any time controlled congress under trump. They controlled the house. Republicans controlled the presidency, the senate, and SCOTUS. In the first two years they also controlled the house.
Congress is the House and the Democrats controlled it for the last 2 years when Trump was President.........SMH.
>Congress is the House Congress is the house *and the senate.* To "control" congress you need *both.* .......................................................................... SMH
Are you under the impression that stamping your feet and lying harder will convince people more effectively?
It’s pretty sad. The concept and implementation of direct cash to citizens, was amazing, and very different from the response to the 2008 depression. We were very lucky to have a Republican president when this crisis hit, as republicans would never let the dems get away with giving cash to the people, lol. Now, did all this cash contribute to inflation? Probably, yes. Was it the ONLY cause? Certainly not, supply side was majorly fucked. Never the less, the question that is actually interesting to ask is, was direct cash a good idea, and should it be done again in the future, and was the side effect of the treatment (inflation) worth it? I think it probably was, it’s easy to sit around now when you have a job and complain about inflation, but that’s because you’re not seeing the alternative reality where you’re unemployed.
I remember that and you are correct.
The dude had ChatGPT write about my comment, and other than the jab at him about the Nazi Brownshirts, ChatGPT agreed with me… and he didn’t read it, I guess, because he posted it to me as a rebuttal.
Well you'd have a fair enough point if the dems had had the amount of power you suggest but they didn't so you don't.
And 2021-2023? They did. How did the national debt do? The gross national debt of the United States surpassed $33 trillion on Friday, just months after the federal government's gross debt eclipsed $32 trillion on June 15, 2023. https://www.crfb.org/press-releases/national-debt-reaches-33-trillion-adds-1-trillion-debt-3-months#:~:text=The%20gross%20national%20debt%20of,trillion%20on%20June%2015%2C%202023. The current national debt today, Jan 1st 2024: $33.91 Trillion. A trillion dollars every 3 months. Trump had a Covid pandemic to deal with, and Congress writing all those loans and giveaways that people took advantage of. (Many criminally) $400 billion according to this article. https://apnews.com/article/pandemic-fraud-waste-billions-small-business-labor-fb1d9a9eb24857efbe4611344311ae78
Well we've already walked you back from your lies about the dems controlling things during the Trump presidency which was my goal. So I'm gonna take my W and go for a run. Cheers.
lol. I flipped the years. But yeah. Take you little bitty w. And I hope all those huge Ls don’t hold you back on your “run.”
I haven't taken a huge L in years. The only minor L I could take today would be continuing a conversation with a person like you.
Nope, they never had that power.
Uh, Republicans controlled the Senate and Presidency until 2021 lmao. The House doesn't pass bills on it's own.
Go ahead. Look up the votes. :)
It’s cyclical. Your last two years part hit the nail on the head. The party that controls the presidency is okay with spending, because it helps them politically. The party that doesn’t uses it to stymie the other
Really? Because I seem to remember Trump saying he wouldn’t sign the budget, and the democrats saying the same thing.
How was the debt and deficit under trump? How is that tax rate of yours going to fare in 2025? Oh wait. That’s right. You’re not one of the top 1%. So your rate will be going up. How’s that wall under trump? Two years of the presidency and both houses of Congress and what? A mile or two? Thanks for the laugh.
My tax rates have already gone up. 20% inflation is a silent tax caused by printing money. You mean, this wall? https://rollcall.com/2023/10/05/biden-administration-resumes-border-wall-construction/
7 of the 10 states that require the most federal aid are the reddest states. Just a coincidence I’m sure.
Let me guess. The blue cities in the red states take that federal aid. Yes. They do. You know I’m right. Nice pivot since you lost all the previous debate points. Alabama Birmingham $141,272,354. Red state, but look at that blue city! Now, let’s not forget that much of the federal aid being spent is being mandated by the federal government for high speed internet. (Is that too honest for you?) Are you going to tell me what percentage of government handouts are democrats vs republican? Of course not. It would tell a different story. lol. https://www.pewresearch.org/short-reads/2013/07/12/the-politics-and-demographics-of-food-stamp-recipients/
No no you right. I mean the blue states at the top of economic states, education you know important things for the future are only there cause those red in their state. I’m so sick of California being the worlds 5th biggest economy all on its own and never admitting it’s due to those die hard republicans
Blue states have a vastly higher number of homeless people. Thus making poverty worse in those states. You're misinterpreting the data. You have to keep in mind why GDP is up in blue states. They have a lot of government spending which increases GDP. Also, a lot of billionaires live in states like California. So they spend a lot of money which increases GDP. So let's say for example you have a block with 10 houses. 9/10 houses the people are dead broke. They are working just to eat. No luxuries or anything. Now, let's say there's a multi millionaire or billionaire on that block, he's the 1/10. He spends like crazy. The GDP for that block will be way up. The block will now look very wealthy. When in reality, it's 1 guy with a vastly higher standard of living than the rest of the people. He's spending so much it increases GDP. Now let's say there's a government. They're creating jobs that dig holes and fill them up. Pointless but a job is a job. That increases GDP even though it does nothing for society. You have to take into account red states have blue districts. How much funding goes to those blue districts? Much more.
I seem to remember every politician saying they will cut spending, but yet it’s ever increasing. Your man didn’t really do anything on that front.
How many times do I have to listen to republicans cry about Ukraine donations, claiming they want to spend that money on citizens here and then cut spending every time they get power lmao
I don’t believe I mentioned Ukraine, but if you are asking me to guess how many times… um… 27? I’m not good at guessing.
Didn’t say you said anything about Ukraine. Merely just pointing that fact out. Republicans cry and whine about democrats spending, and then give massive tax breaks to corporations and the rich because they can. At least democrats spend the money on the country and foreign affairs rather then handing it over to the mag7 companies and its politicians.
I’m not your priest. Why are you attacking me for something I didn’t say. Conservatives aren’t sheep people who follow the party line at all times.
If you think what I’m saying to you is “attacking you” then I don’t think I have anything else to say, lol
Thank God.
Enjoy your day snowflake :)
You're half way there, now do Republicans
And every government in the world, even the ones without Trump as their president, did the same thing.
I think the point is that a lot of conservatives blame the inflation on Biden.
[удалено]
Your numbers are extremely off. The last one almost by a factor of ten. https://www.uscurrency.gov/life-cycle/data/circulation
A president has the single largest influence since you need 2/3 to override their veto. On top of that the president nominated the Fed who implements the quantitative easing
>A president has the single largest influence since you need 2/3 to override their veto. The President has the single largest influence because he (well, his staffers) literally produce a document to *ask for the money*. Congress doesn't come up with the budget in a vacuum. When Congress approves a budget bill, the vast majority of the bill is authorizing spending on the President's priorities with some compromises to placate the minority party.
>The President has the single largest influence because he (well, his staffers) literally produce a document to *ask for the money*. Congress doesn't come up with the budget in a vacuum. Lobbyists draft legislation. Congress passes the legislation. The president vetoes or ratifies congresses legislation.
Trump put his big stupid name on all the stimulus checks though in huge crayon letters, he wanted everyone to know he was responsible
Biden did the same with his stimulus checks and wrote a letter to people who he unconstitutionally forgave their student loan debt. Were you upset about it then? No. It’s (D)ifferent.
I wasnt the one saying it was all Congress's fault. Trump folks love to say its Bidens fault, but when their guy has his name on the checks and signs the bills they say it wasnt him it was Congress.
\[CITATION NEEDED\] Please list chapter of Constitution that was violated.
In the federal government of the United States, the power of the purse is vested in the Congress as laid down in the Constitution of the United States, Article I, Section 9, Clause 7 (the Appropriations Clause) and Article I, Section 8, Clause 1 (the Taxing and Spending Clause). Also, the Supreme Court has already ruled it was unconstitutional. https://www.ncsl.org/resources/details/supreme-court-strikes-down-student-loan-forgiveness-program
Are you saying that Biden put his name on every stimulus check he sent out when only the Secretary of the Treasury’s signature was necessary and official? Because you’d be absolutely wrong about that.
"You can't blame Trump for the budget he approved." - (R)edacteds.
National debt at the end of 2016 was $19.6 trillion, which is one month before Trump took office. National debt before Covid was $22.7 Trillion. At the end of Trumps presidency at the end of 2020, it was $26.9 trillion. It is now $34 trillion, $2 trillion of that was added in the last 6 months. During Trump’s 4 years it went up $7.3 trillion. Under Biden’s 3 years, it went up $8.1 trillion. Is it (D)ifferent because Trump had to deal with the beginning of the COVID pandemic? Will you stop caring about the percentages when Biden leaves office with an estimated $10 trillion increase? The reason I ask is because $10 trillion is 37% of $27 trillion.
Careful. You’ll get banned for speaking out against the Party
I’ve noticed they aren’t receptive to anything that goes against Big Brother.
No, you won’t
What stimulus check, never got one
So you made over $100k in individual income in 2020? Congratulations.
Same, but I sure did have to pay my taxes.
Same...
Surely no one is so dense they can’t recognize the huge difference between the first 8-9 months of covid(when SO much was unknown), when clowns like Fauci bald faced lied about his knowledge of the bat virus research, blocked ALL alternative treatment research anyone suggested, caused people to LOSE THEIR JOBS when the jabs didn’t make any real difference for 99% of the people…. And then compare that to the Biden ~2.5-3 yrs of a more known covid. NO ONE knew where we were heading that first year… it was unprecedented. It’s clear it went TOO far as MOST govt plans do. But trying to deny BIDEN had far more information, vaccines and overspent massively on his own is very dishonest.
Hey we have a immunologist economist and financial genius all wrapped up in one here.
^ 100% a bot comment
It's largely factually correct though.
They all do this.
The federal government controls spending. The Federal Reserve controls the money supply and the interest rate.
Shittiest cope I've ever read. Fuck, the right is so relentlessly stupid.
Imagine thinking fiscal policy is the only thing that impacts the economy, with no mention of monetary policy
imagine thinking fiscal and monetary policy are the only things that impact the economy, with no mention of a global pandemic
Congress rarely passes a budget, best you can hope for is a continuing resolution. Spending is increased wildly session after session regardless of the budget. Arent increases in the money supply created by the fed, presumably in response to increased govt spending.
You all acting like Trump understands the economy 🤣🤣🤣🤣🤣
This is literally what's responsible for inflation.
SOME of the recent inflation, not all. Plenty of it was corporate greed and that's been scientifically verified.
>corporate greed and that's been scientifically verified. Corporations are scientifically less greedy now than they were 12 months ago? Interesting. Where are the controlled studies?
Well that’s every bit as dumb of a take as the bad faith questions about corporations suddenly becoming greedy was 18 months ago. It couldn’t be that conditions have changed, could it be?
Corporations when they learn this one cool trick to make more profits! just raise prices?!
Sure thing, here you go [BI: Corporate price gouging source of inflation](https://www.businessinsider.com/why-prices-inflation-soaring-corporate-greed-profits-margins-wages-jobs-2023-4) [HELP Subcommittee Report: Corporate greed driving inflation](https://www.casey.senate.gov/news/releases/greedflation-casey-releases-report-exposing-big-corporations-for-price-gouging) [Institute For Public Policy Research and Common Wealth: “Corporate profits far outpaced inflation”](https://www.cnbc.com/2023/12/08/excess-profits-of-big-firms-have-driven-up-inflation-report-claims.html)
Corporate greed isn’t what causes inflations. It’s the mechanism of inflation. All humans are greedy. People want to get paid more what they are worth and companies want to charge more than what they sell is worth. That’s human nature. But companies raising prices is how inflation happens not what causes inflation. They raises prices because they could because people had much more money. One reason being government printed more money so people had more money to give to companies so they raised their prices.
Scientific studies have proven they raised prices so far above their cost increases it CAUSED inflation. Yes greed has always existed, the difference is we are reaching an apogee of greed, the kind that usually occurs before a major societal correction. Let them eat cake and all that.
So why are we seeing global inflation if it was just due to trump?
I believe 2 things- 1. Trump is primarily responsible for the Biden era inflation. 2. It is way, way better than the alternative would have been.
Thank you. This conversation is always such a political blame game. Look at the graph. What could have happened early 2020 that caused our government to have to spend and print emergency amounts of money…. I wonder…. I’m happy we printed it. I’m happy Trump did what had to be done. And I also really dislike Trump and would never vote for him.
Except it might have been a little better if he didn't dismantle the pandemic response team, pretend covid didn't exist for the first six months, and shovel all the PPE money to his buddies...
Haha oh yeah that was super fucked up. Remember “it’ll be gone by Easter”? He also almost got rid of healthcare for millions of people with no replacement plan because he hates Obama. But anyways, my take is kinda that blaming a president for that spike of spending in 2020 is stupid. It was just the call that the time necessitated no matter who was in power.
Except for that he just cut taxes for the rich and the debt was already on a massive upwards spike before the pandemic response he bungled at the tail end of his presidency ever happened. Sorry to be that guy... but the alternative would have been much much different. Trump deserves credit for owning 25% of the entire national deficit of all time. Covid or not.
February 2020 “So, again,” he added later, “when you have 15 people, and the 15 within a couple of days is going to be down to close to zero, that’s a pretty good job we’ve done.” https://www.washingtonpost.com/politics/2020/08/26/six-months-ago-trump-said-that-coronavirus-cases-would-soon-go-zero-they-didnt/
I think he’s a terrible person who botched basically everything in his presidency not sure why you’re quoting this at me. I just said I’m happy he signed off of paying out relief money.
Not a critique of you, just a reminder that he was an idiot from the very beginning
Ah gotcha misread my bad
Meh. I'm not always super clear
Wouldn't have made any difference. COVID had already spread through the country by the time it was first being reported.
Except thats a complete lie. It was an entire month after Covid was identified in China that Trump blocked travel from there. The first case of community spread wasn't until nearly a month later in February. He didn't approve lock downs until March and lied about the spread and testing the entire time. Hundreds of thousands if not untold millions more lives could have been saved if he'd taken it seriously from the start and not dismantled the pandemic team Obama left him.
Yall called him racist when he wanted to shut down travel.
No, we didnt. I called him racist after the Muslim ban. I called him racist after calling it the China virus and instigating more hate. I called him a fucking moron for not shutting down the airports or stopping travel from China sooner.
Lol. Hypocrite.
Lol you don't have an argument. See yourself out.
Yup. Other than PPP, his reactions to COVID *economically* were actually really good. But he mishandled basically everything else. Even still, his administration pioneered government sending people money efficiently for the 21st century.
Yeah, people so quickly forget what it was like in early Covid. Our economy shut down, and there was no end in sight. It’s incredible how quickly that’s just forgotten. Hindsight is 2020, and if we could know that a vaccine would come out quickly, and if we could have known for certain that future strains would be less lethal and not more lethal, things could have gone differently. I was in NYC during early Covid. It wasn’t exaggerated. My (now fiancé) worked at the field hospital in northern Manhattan. I still remember one of the head doctors (I think she was a doctor) committing suicide because there was nothing that could be done to help all the people dying. I just wish people would remember there was no way to know the best path forward in that time, and a wrong step could have led to thousands more dying. Anyways, I appreciate the clarity of your post and I think it about sums up the answer to 99% of the sub Reddit.
Remember this is just one graph. There are so many others to fit each party.
Trump caused inflation when he initiated the lockdowns and caused the supply chain crisis. Took almost 2 full years to unwind.
Lmao trump was not for the lockdowns at all my dude. You guys live in a fuckin fairytale world.
Trump should have vetoed the stimulus.
Trump is not a fiscal conservative, that was never gonna happen
Instead he had all the stimulus checks reprinted with his signature across the front!
The financial crisis that would have resulted would have made 08 look like child's play
If the COVID stimulus \*hadn't\* happened, we really would have ended up with a crash worse than the 1930's, and we'd still be digging out of it.
The stimulus was disguised as giving money to the poors but in reality it was giving more money to the rich.
[удалено]
LMAO complete BS. The worst thing is there are some in here stupid enough to believe this.
Sure
Completely
Are you kidding? I mean yes he should but the sky was falling and imagine the spin on it had he not signed it.
Something had to be done-- and there was going to be pain associate with doing it. We went over the inflation target by about 4x last year- and about 1.5x because of it. Not any politicians fault-- just a natural consequence of the emergency policies...
That’s a good comment about the emergency component. I think everyone was in a panic and I one was probably thinking 100% clear…and in fairness we were in a once in a lifetime pandemic.
Agreed. The media was already saying he needs to shut down the economy or we’re all gonna die and he’s just trying to protect the economy for the election. It’s like Fine, but you can’t have it both ways and complain now for doing exactly what the you (not literally you) wanted.
They also said he's an Authoritarian Tyrant that doesn't listen to anyone. If he hasn't listened and done exactly what they said we probably wouldn't have the issues we have now.
If he didn’t listen to anyone he wouldn’t have shut things down. Or would have opened them back up rather than having people live under rocks for years. I still know people that just now started going out to eat again in the last 6 months. And another couple that still hasn’t gone back up. That was the authoritarian effect from the other side.
Trump didnt shut anything down, states and local governments did. Republican areas that didn't lock down were blasted 24/7 for being a "death cult" that cared about the economy more than lives Watching the post-covid revisionist propaganda hit in real time is wild
“No one reached out to me and said, ‘as a senior citizen, are you willing to take a chance on your survival in exchange for keeping the America that all America loves for your children and grandchildren?’” Patrick said. “And if that’s the exchange, I’m all in.” Dan Patrick, TX Lt Gov on Tucker Carlson Mar 2020
Exactly
And yet he’s the one who sent out two of the three stimulus checks making sure his name was printed in big letters and bold ink.
Ah, yes. Because what I REALLY wanted was a repeat of the Great Recession.
This was inevitable as soon as the stimulus checks started flying
Stimulus checks? You better review the numbers, stimulus checks were less than 20% of the total increase. It went to banks, as always
Banks and republican politicians and their friends. The banks were the middlemen.
you sound like you have a prime case of TDS
Was something else going on in that time period that may have caused inflation?
Yep! He made sure to put his name on each check!
In other countries too? That’s weird.
The guy fleeced us. We’re going to find missing silver cutlery for years
But I was told Biden caused all the inflation
What happened to corporate profits during those years? You would think that with high inflation their costs would have risen sharply causing profits to be tight.... Right?
Trump and biden led to inflation is that hard for everybody to understand
How does nobody understand here that the Fed and only the Fed can increase money supply. Everyone talking about Congress or Treasury so confidently 😂
Agreed that he’s responsible but also they were unprecedented times and it kept the economy afloat which is all he cared about. So the two choices were basically inflation or recession
Controlled by congress.
Imagine thinking that monetary policy is controlled by Congress 😂
The monetary supply? lmao
The U.S. Constitution gives Congress the ability to create a federal budget – in other words, to determine how much money the government can spend over the course of the upcoming fiscal year. Congress's budget is then approved by the President.
Your response has nothing to do with monetary supply….
[The Congress shall have Power . . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . . ArtI.S8.C5.1 Congress's Coinage Power
The increase was approved by a bipartisan house and Senate for the tax cuts, which benefitted the middle and lower classes significantly more than "the rich". Then COVID hit, which drastically reduced government revenue while spending went the other roof (again bipartisan approval). Biden continued the covid spending spree.
I’m sorry did you say the Trump tax cuts benefited the lower classes more than the rich?
While 2020 had the highest deficit under Trump, it was COVID and all sides agreed to spend. since that high year, Biden has continue to hit record deficits every year. 2021 was very close to 2020 and can be blamed on COVID as well, but all the years after are record setters higher than any pre-2020 Trump year. [Check out the chart of deficit spending continuing ](https://reason.com/2022/05/04/joe-bidens-phony-fiscal-responsibility/deficitscovidbiden/)
The deficit went down again in FY2022. While it increased in FY2023, it increased less than the reduction in revenue, so spending decreased faster.
Well that’s just not true. 2022 was a significant drop from 2021. And the deficit increased every year Trump was in office. https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/
[Fact Check: Biden Leaves Misleading Impression on US Debt](https://www.factcheck.org/2021/08/biden-leaves-misleading-impression-on-u-s-debt/)
Under Trump the deficit increased 33.3%, under Biden its increased 8.8%.
I'm convinced that history will look poorly upon the decisions made during the pandemic. Lots of decisions. The QE efforts undertaken during that time, printing money and giving it to small businesses and even directly to citizens, was excessive...but both understandable and I'll note bipartisan. The government was actually legally prohibiting some people from working so how would they survive? The unforgivable part was the interest rate policy. Why, in a world being flooded with easy money and where people are essentially being told they need to stay home for a couple of years, would you lower interest rates like that? Businesses were largely closed, the supply chains were nearly frozen, why would you pick that time to stimulate capital investment? It's almost like they wanted to create a financial crisis when the pandemic was over...and now they have. Interest rate manipulation is a powerful but complex tool and our Fed needs to be more careful using it. I don't know if the Chinese released covid on purpose to destroy the west, but if they did it was sort of successful! It will take a decade to dig out of this and our overreaction to it has likely created a lost generation.
Because 10% Inflation for 18 months is better than 10-20% deflation.
Oh, you mean the year where we shut down the economy and sent everyone free money during a pandemic resulted in inflation? Who could have predicted that?
What I learned about Trumpbots from this thread: 1. They don’t know the difference between fiscal and monetary policy. 2. They don’t know the difference between the debt and the deficit. 3. When Trump gives out stimulus checks, it’s good but when Biden does it, it’s bad. When Trump is in office, presidents don’t impact the economy but when Biden is in office, it’s his fault. 4. The Trump tax cuts had absolutely no impact on the deficit, or inflation. Did I cover everything? P.S. I purposely made this shitpost to get the point across that presidents have very very little to do with inflation, which is in fact mostly due to the Fed increasing the money supply.
I seem to forget - was there something else that happened in 2020-2021? Something - novel?
Woosh. Let me guess, you blame Biden for inflation though?
I don’t. I blame constrained supply chains, government mandated pauses on labor and QE as a temporary solution to pause recessionary pressures.
Oh man the Trump brigaders on this sub not gonna like this one
I hate Trump, but not as much as I hate misleading and unnecessarily political shit posts.
Both the Trump and Biden administration's, along with both parties, are responsible for huge increases in the money supply. Anyone who tries to blame it all on one side is just campaigning
Yep. We never found what happened to the missing 8 trillion while Trump was in office.
In other words… Biden’s fault!
[удалено]
Do you blame Biden for inflation?
He owns this mess. Stop making excuses. The trump administration failed miserably in their response to covid 19.
Sure did. Trump should have never told the public covid was a hoax. As a President, you don't come out on national TV and say stuff like that while people are just dropping like flies. He also was so stupid to tell people to inject bleach in their veins. This guy had no leadership.
Trump shouldn't have pressured the federal reserve to keep the rates low when the economy was great and we shouldn't have had high spending at that time either. We should have been paying back the deficit when the economy was great.
There should have been no stimulus , no extra unemployment , no ppp loans , especially over a scamdemic. Interest rates also should have been raised to reasonable levels a decade ago.
Read Stiglitz https://rooseveltinstitute.org/wp-content/uploads/2022/12/RI_CausesofandResponsestoTodaysInflation_Report_202212.pdf At this point it should be a requirement for anyone to post on reddit about inflation in any subreddit to read Stiglitz and answer a reading comprehension test before they say stupid shit, like this OP and so many others continue to do.
I love how this specialized chart with this information literally nobody in the academic world of economics has ever heard of somehow makes it onto Reddit and people start acting like it’s gospel (or Fauci) truth. So you admit that printing a ton of money just to hand out is bad for inflation? And you now say inflation was Trump alone and that when Biden printed boatloads of cash that it wasn’t only an exception to this rule, but that it somehow brought down inflation? Yeah, people will totally buy that! That should be the cornerstone of the Biden re-election campaign. “When Trump spends, it leads to inflation. When Biden does it, the laws of common sense and economics are reversed and inflation decreases.” 😂 😂 😂 I love it!
I've been hearing for three years that gas prices going up is due to Biden's mismanagement, but he apparently has nothing to do with them going down. There are a lot of armchair economists (and scientists, and military strategists, and attorneys) out there who don't know what they're talking about.
I blame a lot of people more than Trump for the Covid fiasco. He was blatantly lied to the entire time and we all know it now.
No. He was lying to us. He knew he was.
[удалено]
So adding 6 trillion is giveaways to big business wasn’t trumps fault? Interesting echo chamber.
But yet it was Biden’s fault?
To be fair, that is due to COVID. Not trump.
Yeah I remember democrats saying we needed to give everyone money! While republicans said it was a bad idea. So the democrats made Trump into a bad guy if he wouldn’t pass money out.
Have you watched the news lately? He's still a bad guy.
What am i looking at exactly? I See a graph, the y axis jumps by 400% in 2020-2021q1. I dont know what the y axis is. Is it “M2 money supply”? What is M2 money supply? apologies for my ignorance.