"Bidenflation"

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dukkha said:
Biden's apologists try to downplay inflation worries by noting that they're largely confined to specific goods such as used cars. But the latest report shows inflation spreading to every sector of the economy, particularly where inflation can harm people of low income. Gasoline, for example, is up 42% from last year. Bacon, beef, pork, and eggs are all up by double digits. Children’s shows are up 12%; electricity 5%; rents 2.9%.

Inflation is outpacing hourly wage gains, which have risen 4.6% compared to inflation of 5.4%, which means real paychecks are falling, not rising, under Biden.

Maybe this is why voters tell pollsters they don't support making Biden’s cash giveaways to parents permanent. Voters are smarter than Democrats think. They know that despite what Democrats say, free money is not really free.

Even the Biden administration is forced occasionally to admit this. On a conference call with reporters about the nation’s supply chain crisis, Biden officials acknowledged that March's $1.9 trillion spending bill drove up prices and made matters worse.

But despite this admission, congressional Democrats are determined to pour $3.5 trillion worth of fiscal gasoline onto the inflation fire. The Biden administration even claimed in a report earlier this year that the best way to fight inflation was for the federal government to spend more money!

The White House Council of Economic Advisers report, titled “The Cost of Living in America: Helping Families Move Ahead,” claimed that the cost of living would fall because Washington would be doling out daycare subsidies. The thinking is that families would be better off despite inflation in other economic sectors.

This is innumerate. Inflation rises when more money chases fewer goods. With a supply chain crisis and COVID-related business restrictions, a sudden cash giveaway might be calculated to accelerate inflation.

Biden is making the same mistake about the $1.9 trillion. The supply of daycare cannot appear magically overnight to meet all the demand Biden’s spending will create. The daycare sector is highly regulated, and Biden is added yet more regulatory hurdles, so it will become harder to expand supply. By making more parents seek limited daycare slots, Biden’s subsidies will push their price up faster than inflation in the wider economy.

Instead of spending trillions more on highly regulated industries such as daycare, healthcare, and education, Biden would serve families better by removing regulatory barriers that make it so hard to increase capacity in these sectors.
https://www.washingtonexaminer.com/...-pour-fiscal-accelerant-on-the-inflation-fire
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You stupid motherfkr, especially at citing a source of misinformation, trash and basic bs. Now consider some facts and technicalities versus your tolling media fiction:

Fact-checking Republican attempts to blame inflation on Democrats

Washington (CNN)As the US economy gradually recovers from the coronavirus pandemic, prices are rising across the board with inflation exceeding the Federal Reserve's 2% target and reaching a 13-year high in June. Republicans have turned that jump in inflation into a political talking point, trying to place the blame on President Joe Biden and Democrats, and at times misrepresenting the current economic landscape in the process.

In mid-July, Minority Leader Rep. Kevin McCarthy tweeted, "Inflation is running rampant due in part to out-of-control spending from President Biden and Speaker Pelosi."
About two weeks later, the chair of the House Republican Conference, Rep. Elise Stefanik, went a step further in blaming Democrats, saying in a press conference that "inflation is skyrocketing because of Democrats reckless and wasteful spending" and "this rampant inflation is a result of Democrats reckless tax and spend policies."
Later that day, in an interview with Newsmax, Republican Sen. Ted Cruz suggested Republicans should not support Democrat-led initiatives that call for more spending and cited Biden's several trillion dollar proposed budget, claiming "when it comes to spending, spending trillions is what is driving inflation."
On Monday, Rep. Jim Jordan tweeted that Democrats "spend trillions of dollars. Then ignore inflation."
Facts First: While some economists say the stimulus packages passed in response to the Covid-19 pandemic are having an impact on inflation, it's misleading to suggest that's the only explanation for the recent rise in inflation. Blaming it exclusively on Democratic spending proposals misrepresents what's actually been passed, and ignores the trillions of dollars in spending passed last year supported by Republicans and signed by then-President Donald Trump which economists say have also contributed to inflation.
Last year, Congress passed two bills totaling around $3 trillion in Covid relief spending -- the $2 trillion Coronavirus Aid, Relief and Economic Security Act passed in March 2020, and the $900 billion pandemic relief bill passed in December 2020. Both were signed by Trump and supported by Republicans. The economic stimulus packages, including the $1.9 trillion American Rescue Plan signed by Biden in March 2021, which contained at least one tax credit program which is already in effect, have contributed to inflationary pressures but are not the only reason behind the spike, experts say.
"Inflationary pressures are arising from a variety of factors: supply chain issues, the reopening of the economy, over $2 trillion of excess household savings, accommodative monetary policy, President Trump's $900 billion December stimulus, and the President's $1.9 trillion stimulus," said Michael Strain, Director of Economic Policy Studies for conservative think tank, the American Enterprise Institute.
Jason Furman, the Aetna Professor of the Practice of Economic Policy at Harvard Kennedy School, noted that the stimulus checks included in all three Covid relief packages, not the tax credits in the American Rescue Plan, were likely responsible for any impact on inflation those policies had.
"The tax credit's relatively small compared to the economy as a whole," Furman said. "If you want to call the checks a tax policy, yes I think that did contribute to inflation."
Furman, a Democrat who previously worked for the Obama administration, acknowledged that the American Rescue Plan has contributed somewhat to inflation, but said, "I think the biggest thing that's contributed to inflation is just restarting an economy," something other countries recovering from the pandemic have also experienced.
Mark Zandi, chief economist of Moody's Analytics, told CNN that "The jump in inflation has nothing to do with tax and spending policies."
According to Zandi, inflation is being temporarily driven by "a one-time adjustment in prices" following a decrease last spring when the pandemic erupted, supply chain constraints which have limited production and an increase in demand as the economy reopens.
"Businesses that slashed prices during the height of the pandemic, such as hotels, airlines, rental car companies, etc. are simply raising prices back to where they were pre-pandemic," Zandi said, adding that, "the supply-side of the economy has lagged demand as the pandemic continues to struggle with scrambled global supply chains."

https://www.cnn.com/2021/08/06/politics/inflation-gop-fact-check/index.html
 
Nordberg said:
That makes sense to you? Biden does not drill. Oil companies do. They are also who determines supply and higher prices.
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They are sitting on oil leases, but, Biden plans to change that. I support the change, use ‘em or lose ‘em.
 
Phantasmal said:
They are sitting on oil leases, but, Biden plans to change that. I support the change, use ‘em or lose ‘em.
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The oil companies have 9000 leases now. The idea that they should have more is ridiculous. The oil leases are valuable to oil companies for tax write-offs. They are not lacking places to drill.
 
danielpalos said:
Nobody takes right-wingers seriously about economics. How much inflation did QE create?
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The Left would have to have some actual economists before they could try to have expert opinions on the economy...

For example, the Left often trots out Paul Krugman as their expert on the economy. Yet, even The Nation, a paragon publication of the Left says Krugman is almost always wrong.

Why Was Paul Krugman So Wrong?
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https://www.thenation.com/article/archive/why-was-paul-krugman-so-wrong/

Well, the answer is simple: Leftist economics don't work.
 
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