Biden's Nobel economists were dead wrong on inflation: Don’t expect an apology (suspect, dollars)
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It's not booming, its responding to the "bullwhip effect" that was caused by gov't shutdowns during covid-19. The economy is surging after a massive dip. I learned about this in one of my my grad-level econ classes while studying to obtain my MBA:
Booming?? Sure, if the federal government printing money and dumping trillions of dollars in deficit spending is what you think creates a 'booming economy.'
Biden's presidency has been a disaster for American consumers and workers.
but to the kruggster's credit, he apparently didn't sign onto this garbage. maybe he wasn't invited.
IMO Krugman has a few problems.
A. He has a horrible case of "little man syndrome".......he's unhappy generally, hates successful people and seems to believe the poor and downtrodden are passive dupes who deserve wholesale life support from the success classes.
B. PK too is absolutely brilliant in the classroom sense. However, he's a Neo-Keynesian who seems recall all the liberal bits JMK ever mentioned but totally forgets the conservative bits.
C. PK was more or less fired from his Princeton teaching gig - I'm guessing he's on the outs with just about everyone except The NYT.
Booming?? Sure, if the federal government printing money and dumping trillions of dollars in deficit spending is what you think creates a 'booming economy.'
Biden's presidency has been a disaster for American consumers and workers.
It'll take years for this to settle into the average Joe's thinking but the bottom tier of wage earners saw their real net worths lurch to the upside under Trump and his tax plan(s).
The cadre's real net worth grew more under Trump than Clinton, Bush and Obama combined.
It's not booming, its responding to the "bullwhip effect" that was caused by gov't shutdowns during covid-19. The economy is surging after a massive dip. I learned about this in one of my my grad-level econ classes while studying to obtain my MBA:
Your link doesn't quite describe what you're saying it does, but I'll humor you. If you insist on your bullwhip thesis, I can easily claim that it is your bullwhip phenomenon that is responsible for the inflation, not Biden's policies.
That said, it wasn't necessary that the economy rebounded so quickly after the Covid shutdowns. Especially given there were a couple additional waves of Covid after the first one, it could have been another slow recovery. In another couple threads I've given links with studies claiming that's exactly what would have happened. But because of all the stimulus, we got a much faster recovery.
It's not booming, its responding to the "bullwhip effect" that was caused by gov't shutdowns during covid-19. The economy is surging after a massive dip. I learned about this in one of my my grad-level econ classes while studying to obtain my MBA:
The US economy and the employment market is simply trying to catch up to where we were before the senseless COVID lockdowns, which destroyed everything. Millions upon millions of jobs and thousands of mom and pop businesses were lost. And yet the politicians except us to applaud them for the people working to try and recover from it.
This is akin to the government causing entire city blocks of homes to be burned to the ground. Then these same politicians expect to be given credit for all the new home construction and restoration that follows, because the people are trying to put their lives back together.
Last edited by Wapasha; 04-05-2022 at 04:46 PM..
Reason: typo
Buying with zero interest money... I like that now. just got a Home Depot 24 month ($1999.00) 0% interest. I've got a few projects in mind.
People are spending money. Business is booming in FL. The state has a BIG surplus of $4,000,000,000 that's right, 4 Billion! How long did Obama claim the Trump economy was really his? You know the magic wand thingy.
Biden’s Covid relief plan PPP has now become the biggest fraud scheme in our country’s history
Hundreds of billions tapped by both domestic and international fraudsters due to government incompetence.
Did anyone actually read the letter? How were they "dead wrong", it indicates easement of long term inflationary pressures. The economy is doing extremely well but in the short term there is inflation mostly because of supply chain issues and a war.
It was written back in September, just a few things happened since then.
Quote:
While we all have different views on the particulars of various economic policies, we believe that key components of this broader agenda are critical—including tax reforms that make our tax system more equitable and that enable our system to raise the additional funds required to facilitate necessary public investments and achieve our collective goals. Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.
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