BREAKING: In a powerful moment and huge rebuke of Donald Trump, the Chair of the Federal Reserve, Jerome Powell, just admitted it is Trump’s tariffs
- Thread starter Maze
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Crepitus
Verified User
Well, he will likely get the boot immediately.
Maze
吃瓜群众
Or killed
Jake Starkey
Verified User
Everyone knew this was going to happen.
T. A. Gardner
Serial Thread Killer
So, inflation and the CPI are running around 2.8%. That's a much lower number than under Biden where it hit a high of nearly 10% then fell as the Bidenistas figured out that massive borrow and spend policies were driving it, to a more manageable 3+ ish percent towards the end of Biden's nap... err, term.
Jake Starkey
Verified User
No, it is about where Biden was able to get it down to. Biden worked hard and got it down to the high 2's. It was trump's job to get it the rest of the way down, but as always, he could not do his job.
If the economy is doing great, why does trump need a huge monetary stimulus?
T. A. Gardner
Serial Thread Killer
Biden didn't "get it down." Biden's administration after spending nearly $5 trillion in borrowed cash in new outlays with no visible ROI and inflation approaching 10%--many sources say it was nearly 20%--stopped spending. Biden also forgave student loans to the tune or nearly another half trillion. Over the next three years, inflation returned to its typical rate of 2 to 3%-ish which is normal for an economy. Trump wasn't going to get it down any lower.
The Biden-Harris Spending Binge - EPIC for America
The Biden-Harris Administration raised government spending by 22 percent more than what it would have been under prior law.
epicforamerica.org
What Trump has done is kept it there by reducing spending and bringing in greater revenues to the government. So, what "huge monetary stimulus" are you talking about?
When trump came to office, inflation was in the 2.5% to 3% range. That is down from 9.1%. Biden had a lot of trouble getting that last 1% off, but ran out of time to do it. Now it is up to trump to do it.
Instead of working on inflation, trump wants a large monetary stimulus of lower interest rates. If the economy was doing great, we would want higher interest rates to stop the economy from overheating. More importantly, we want to get that last one percent drop in inflation.
There is a lot of long term gains to having lower inflation, but sadly trump does not do long term gains. he is willing to have a lot of long term suffering for some short term stimulus.
The budget has nothing to do with MONETARY stimulus, and the budget deficit keeps going up, so your claims that spending has gone down while revenue has gone up is nonsense. We have the highest deficit ever outside of emergencies with no end in sight. The nice part about emergencies (WWII, pandemics, etc.) is they end. This is just deficits for deficits sake.
Or is there an emergency no one is talking about?
T. A. Gardner
Serial Thread Killer
Biden CAUSED that spike in inflation. I linked sources--note the plural there--showing that. That was 100% Biden's fault. When the economic disaster was no longer hidable, the Biden administration stopped spending like a bunch of drunken sailors on liberty.
So far, there has been no "large monetary stimulus" so you are just projecting. The economy is doing alright. If anything it's in pretty good shape.
Inflation isn't going to go much below 2%, if that. 2 to 3% per year is pretty normal.
Unless the money is generated as a budget item. That's what happened with Biden. Massive new spending that had no ROI. The deficit is as large as it is simply because for decades now, the government has spent more money than it takes in.
Then we are in deep trouble. We need it to go just below 2%, or our claims about inflation will hold no water. That means we will have to sacrifice for the rest of time just to keep inflation in check. The war against inflation becomes a war of attrition.
If trump has failed in his most basic task, it is time to remove him... Before he can enshrine his failure into government.
In our system, money would not generally be created by budget items. We currently have a Federal Reserve that is a separate organization that takes care of monetary issues. trump wants to create money through his own personal budget, and he might change our system to do just that, but that is not our system as laid out by the Constitution.
Clinton had a budget surplus. Obama and Biden reduced the deficits extremely, but were not able to get a budget surplus like Clinton.
trump is exploding the deficit. The last time he had an excuse, the pandemic. Honestly, he exploded the deficit before the pandemic, but the last huge explosion was because of the pandemic.
What is trump's new excuse?
Jake Starkey
Verified User
According to the U.S. Bureau of Labor Statistics (BLS), annual inflation for January 2025 was 3.0%Biden didn't "get it down." Biden's administration after spending nearly $5 trillion in borrowed cash in new outlays with no visible ROI and inflation approaching 10%--many sources say it was nearly 20%--stopped spending. Biden also forgave student loans to the tune or nearly another half trillion. Over the next three years, inflation returned to its typical rate of 2 to 3%-ish which is normal for an economy. Trump wasn't going to get it down any lower.
The Biden-Harris Spending Binge - EPIC for America
The Biden-Harris Administration raised government spending by 22 percent more than what it would have been under prior law.
What Trump has done is kept it there by reducing spending and bringing in greater revenues to the government. So, what "huge monetary stimulus" are you talking about?
They got Trump's record 14.8 UE% down to under 3%.
Jake Starkey
Verified User
Trump caused the inflation because of his trillions into the economy and his inability to manage the Covid attack on shipping, routing, and cost control.
What a UE of 14.8% by Trump. What about an inflation rate of 3.0% and UE of 3.4% and 11 million jobs created with Trump lost 2.7 million?
What a UE of 14.8% by Trump. What about an inflation rate of 3.0% and UE of 3.4% and 11 million jobs created with Trump lost 2.7 million?
Dutch Uncle
* Tertia Optio * Defend the Constitution
Everyone but the MAGA morons. They still lap up whatever Trump is spewing all over their faces.
Dutch Uncle
* Tertia Optio * Defend the Constitution
It's not that MAGA morons don't want to understand, it's that they can't understand. Sad.
Jake Starkey
Verified User
It's both.
Dutch Uncle
* Tertia Optio * Defend the Constitution
As demonstrated on JPP, all MAGats are missing some dots on their dice. Due to Trump's policies, I expect most to drop offline in the next few years as they become homeless.
T. A. Gardner
Serial Thread Killer
Oh, so we've moved from inflation to unemployment now have we?
Jake Starkey
Verified User
Inflation has been proven as to Trump's fault. That is done.
Now we move to UE.
And lost jobs.
And mismangement.
Now we move to UE.
And lost jobs.
And mismangement.