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I voted for Trump in 2016. I regret doing so. I voted for Biden in 2020. I regret doing so.
While Biden has been a disappointment, I can't quite grasp why he's the scapegoat for everything wrong with the economy today. Trump effectively lost my support in 2019 when it became evident how much liquidity was being pumped into the market and how unsustainable it was. He (or the Fed, your choice) was effectively propping up the market artificially, then bragging about how strong his economy was. It was a house of cards. His level of spending was asinine. And this was before covid was even on the radar. The economy should have been allowed to take it's natural course 5 years ago.
So why all the hate for Biden in this particular area? Heck, most of his grandiose legislation hasn't even passed. As someone who was a strong supporter of Trump, I'd like to think I have an objective view, but would love the insights of others. Or perhaps all this writing on the wall goes back far beyond just the past two administrations?
since economies move in 6 to 12 year cycles...its actually still the Obama economy
Trump did everything he could to destroy the country. His reckless spending and covid lockdowns sent the ship so far off course it will take some time to get us back.
Trump did everything he could to destroy the country. His reckless spending and covid lockdowns sent the ship so far off course it will take some time to get us back.
I wouldn't call helping millions of people with a stimulus check reckless spending. And remember it was both parties in congress who voted overwhelming for it.
Yes lock downs as advised by Trump health officials and Fauci thru out the US in 2020 and continued into this administration were painful but probably necessary.
Trump did destroy our country anymore then the rest of the world which responded to the Covid epidemic in the same way.
I wouldn't call helping millions of people with a stimulus check reckless spending. And remember it was both parties in congress who voted overwhelming for it.
Yes lock downs as advised by Trump health officials and Fauci thru out the US in 2020 and continued into this administration were painful but probably necessary.
Trump did destroy our country anymore then the rest of the world which responded to the Covid epidemic in the same way.
The reckless spending was rampant long before covid though. Not to mention, no way the Fed should have maintained 0% interest rates in the 2018-2019 economy.
As for Biden, he absolutely elongated the necessary Trump covid stimulus spending beyond its useful shelf life. Appreciate another poster pointing this out, as it's relevant to the conversation.
...Trump effectively lost my support in 2019 when it became evident how much liquidity was being pumped into the market and how unsustainable it was. He (or the Fed, your choice) was effectively propping up the market artificially, then bragging about how strong his economy was.
The QE from the Fed definitely went on for too long, although coming out of the pandemic, both the Fed and White House felt that was no time to raise interest rates. And Covid stimulus was added to juice the economy even more.
The Covid stimulus continued further under Biden even though by that time there was increasing discussion of the risk of inflation. That discussion grew more prevalent as the months continued. CNBC had plenty of economists and analysts warning about it during their daily market reports. Lightly at first but much more as time went on.
It makes you wonder if anyone in the Biden White House was even reading the newspapers. The warnings were there. Someone on his staff should have been holding meetings with the Fed to discuss inflation looming on the horizon and the likelihood rates will need to be raised sooner rather than later. At least then it could have been a more gradual path.
Fast forward to now, and we all see what happens when the Fed is trying to catch up after waiting too long. Biden didn't seem to worry one bit. Remember his speech about inflation being "transitory"? He said there would be nothing to worry about. Yikes.
What kind of people did Biden put in his administration that failed to see the warning signs? Didn't he say the adults were back in charge? Hardly.
I'm not sure he picked the best people, and at his age he REALLY needed some good people around him. As others have stated before, his criteria for choosing his administration appeared to be based on gender, race, and sexual preference. If those really WERE the best people he could choose then that's fine. But somebody dropped the ball, or closed their eyes to the signs. Biden is trying to blame everybody else but he's the President and HE picked his administration.
The QE from the Fed definitely went on for too long, although coming out of the pandemic, both the Fed and White House felt that was no time to raise interest rates. And Covid stimulus was added to juice the economy even more.
The Covid stimulus continued further under Biden even though by that time there was increasing discussion of the risk of inflation. That discussion grew more prevalent as the months continued. CNBC had plenty of economists and analysts warning about it during their daily market reports. Lightly at first but much more as time went on.
It makes you wonder if anyone in the Biden White House was even reading the newspapers. The warnings were there. Someone on his staff should have been holding meetings with the Fed to discuss inflation looming on the horizon and the likelihood rates will need to be raised sooner rather than later. At least then it could have been a more gradual path.
Fast forward to now, and we all see what happens when the Fed is trying to catch up after waiting too long. Biden didn't seem to worry one bit. Remember his speech about inflation being "transitory"? He said there would be nothing to worry about. Yikes.
What kind of people did Biden put in his administration that failed to see the warning signs? Didn't he say the adults were back in charge? Hardly.
I'm not sure he picked the best people, and at his age he REALLY needed some good people around him. As others have stated before, his criteria for choosing his administration appeared to be based on gender, race, and sexual preference. If those really WERE the best people he could choose then that's fine. But somebody dropped the ball, or closed their eyes to the signs. Biden is trying to blame everybody else but he's the President and HE picked his administration.
All valid points and appreciate the insight. Exactly why this thread wasn't intended to be a "joke". Some of us are still open to being edu-macated with relevant, civil discourse.
I voted for Trump in 2016. I regret doing so. I voted for Biden in 2020. I regret doing so.
While Biden has been a disappointment, I can't quite grasp why he's the scapegoat for everything wrong with the economy today. Trump effectively lost my support in 2019 when it became evident how much liquidity was being pumped into the market and how unsustainable it was. He (or the Fed, your choice) was effectively propping up the market artificially, then bragging about how strong his economy was. It was a house of cards. His level of spending was asinine. And this was before covid was even on the radar. The economy should have been allowed to take it's natural course 5 years ago.
So why all the hate for Biden in this particular area? Heck, most of his grandiose legislation hasn't even passed. As someone who was a strong supporter of Trump, I'd like to think I have an objective view, but would love the insights of others. Or perhaps all this writing on the wall goes back far beyond just the past two administrations?
Your comparison is flawed. Trump faced a pandemic with no vaccines and and an economy shut down by democrats. Biden started with two working vaccines, a pandemic in its end game, and the economy emerging from being shut down. Biden has squandered all those advantages and is watching the American people suffer.
I also think the Biden Administration was too focused on their massive spending bill and trying to make sure Trump was convicted of at least something so he would be unable to run for office again. Those two things seemed to be all they ever talked about.
In my opinion they were likely too distracted to pay attention to some of the warning signs of inflation looming but getting closer, and the risk of juicing the economy too much for too long.
The Fed shares in that blame for sure, but I think we had a White House Administration that was obsessing over their own priorities other than working class Americans.
Oh no, no, no. Not Biden. Not Trump. We're still feeling the effects of Chester A. Arthur and his policies. You're living in a Chester A. Arthur Economy.
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