President Biden thread

1 minute ago, Beerman said:

"There is a new fear circulating inside the West Wing of the White House: Maybe Larry Summers was right.

The former Treasury secretary has been warning since February that President Joe Biden’s big-spending agenda was creating the risk of an inflation spike this year, potentially cutting into the economic recovery from the Covid-19 pandemic."

https://www.politico.com/news/2021/07/13/larry-summers-biden-inflation-499502

How did you think we were going to get out of this Trump created mess without a lot of financial pain?  If not the pain of inflation, it would have been the pain of rampant unemployment and the social ills (addiction, homelessness, etc) that come with it.  I don't propose to know HOW to create the least amount of pain possible, but obviously you think you do.  Please tell us your plan.  What would you do differently than Biden and why would it be an improvement on what we are getting?  There are things in Biden's plan that I don't agree with (child tax credits for one)but I don't see the Republicans coming up with anything better.  Do you believe that we are going to come out of this pandemic in better shape than we were before?  Maybe we will be left with a few less people with enough brain power to survive this, but at a terrible cost for all the  innocent lives they took with them and the financial and emotional costs of caring for these patients.  

Inflation is a concern and is occurring currently I don't think because of Biden's spending agenda.  I think it's the supply and demand economics that are occurring regardless.  

 But it is ironic that government spending to fix things and help the economy  is going to increase demand and supply more and thus increase inflation.

Right now though I think the bigger concern is ongoing covid.   The variant seemed to fuel a fall in the market, but seems less jittery today.

12 minutes ago, Tweety said:

Inflation is a concern and is occurring currently I don't think because of Biden's spending agenda.  I think it's the supply and demand economics that are occurring regardless.  

 But it is ironic that government spending to fix things and help the economy  is going to increase demand and supply more and thus increase inflation.

Right now though I think the bigger concern is ongoing covid.   The variant seemed to fuel a fall in the market, but seems less jittery today.

 

American republicans can't seem to fathom that the American economy can't recover when the countries which manufacture our cheap goods  are suffering from covid and have poor vaccination rates...they can't seem to understand that widespread illness from a dangerous contagion in this country also won't allow a robust economic recovery.  It's like they are certain that if American children go back to school and all business just pretends like there's no virus that everything will be fine.

3 hours ago, toomuchbaloney said:

American republicans can't seem to fathom that the American economy can't recover when the countries which manufacture our cheap goods  are suffering from covid and have poor vaccination rates...they can't seem to understand that widespread illness from a dangerous contagion in this country also won't allow a robust economic recovery.  It's like they are certain that if American children go back to school and all business just pretends like there's no virus that everything will be fine.

OMG! So simple and these morons can't understand that! 

25 minutes ago, Beerman said:

Deflection.

The article I posted is about a leading economist,who served in the Clinton and Obama administrations, is sounding the alarm on the Democrats' dangerous spending. 

 

 

Perhaps you didn't notice that I quoted and was interacting specifically with Tweety. Your post wasn't the topic of my remarks.  

9 hours ago, Beerman said:

Deflection.

The article I posted is about a leading economist,who served in the Clinton and Obama administrations, is sounding the alarm on the Democrats' dangerous spending. 

 

 

Maybe Larry Summers is right, maybe he is wrong.  Who knows at this point?  Marjorie Taylor Greene warns us about vaccine shedding.  Would I believe everything I read?  No, because people of equal experience and intellect cannot agree what amount of inflation is actually avoidable, why it is occurring (just a result of a rising economy?), and the consequences of any alternative plan (Republicans don't have one).  The New Deal worked for Roosevelt although some people are still angry that social security came with the package.  Have you ever seen the Hoover Dam?  Did you know that it came from the New Deal along with our post office buildings, dams, rivers, bridges and schools that still stand today?  All of these people who will be collecting paychecks will also be paying taxes on that income.  The large majority all be a little poorer because of the pandemic which the Republicans seem hell-bent on extending as long as possible.  But Sean Hannity has changed his mind about the seriousness of Covid and I sure hope he is the canary in the coal mine and others will follow.  Now we can sit on our hands and wait to see if Larry Summers is correct but even if inflation becomes more problematical (rates have been artificially supressed for years), there are other cofounding factors that will contribute to a sluggish economy.  Many economists believed before the pandemic was a gleam in Trump's eye, that perpetual economic growth is impossible.

22 hours ago, subee said:

Maybe Larry Summers is right, maybe he is wrong.  Who knows at this point?  Marjorie Taylor Greene warns us about vaccine shedding.  Would I believe everything I read?  No, because people of equal experience and intellect cannot agree what amount of inflation is actually avoidable, why it is occurring (just a result of a rising economy?), and the consequences of any alternative plan (Republicans don't have one).  The New Deal worked for Roosevelt although some people are still angry that social security came with the package.  Have you ever seen the Hoover Dam?  Did you know that it came from the New Deal along with our post office buildings, dams, rivers, bridges and schools that still stand today?  All of these people who will be collecting paychecks will also be paying taxes on that income.  The large majority all be a little poorer because of the pandemic which the Republicans seem hell-bent on extending as long as possible.  But Sean Hannity has changed his mind about the seriousness of Covid and I sure hope he is the canary in the coal mine and others will follow.  Now we can sit on our hands and wait to see if Larry Summers is correct but even if inflation becomes more problematical (rates have been artificially supressed for years), there are other cofounding factors that will contribute to a sluggish economy.  Many economists believed before the pandemic was a gleam in Trump's eye, that perpetual economic growth is impossible.

Perpetual economic growth is impossible because of finite resources and competition from other nations and population etc etc. 

People don't seem to realize that inflation or any other economic terminology is the extention of the same principles that you apply to your personal finances. You can substitute any international situations and overlay it to your own personal financial situation and it would correspond to a large degree. 

ALSO, most of the so called experts are talking out of their butt holes! There are TOO MANY VARIABLES to consider to be able to predict anything! A single event can cascade. 

Does a blocked Suez Canal ram that point home! 

6 hours ago, Curious1997 said:

Perpetual economic growth is impossible because of finite resources and competition from other nations and population etc etc. 

People don't seem to realize that inflation or any other economic terminology is the extention of the same principles that you apply to your personal finances. You can substitute any international situations and overlay it to your own personal financial situation and it would correspond to a large degree. 

ALSO, most of the so called experts are talking out of their butt holes! There are TOO MANY VARIABLES to consider to be able to predict anything! A single event can cascade. 

Does a blocked Suez Canal ram that point home! 

Correct and that's why economics will never be a science but no more than artful guessing.  Everything's going great and then some mine collapses somewhere or some war starts and then some element needed for some computers and phones suddenly isn't available and no one had a plan B.

On 7/20/2021 at 7:34 AM, Beerman said:

"There is a new fear circulating inside the West Wing of the White House: Maybe Larry Summers was right.

The former Treasury secretary has been warning since February that President Joe Biden’s big-spending agenda was creating the risk of an inflation spike this year, potentially cutting into the economic recovery from the Covid-19 pandemic."

https://www.politico.com/news/2021/07/13/larry-summers-biden-inflation-499502

On 7/20/2021 at 10:39 PM, Beerman said:

Deflection.

The article I posted is about a leading economist,who served in the Clinton and Obama administrations, is sounding the alarm on the Democrats' dangerous spending. 

 

 

Except Larry Summers never warned that "Joe Biden's big-spending agenda" or "Democrats dangerous spending" was going to create an inflation spike.

What he's been warning of is that an "overheated" economy (one that recovers too quickly particularly on the demand side) can result in inflation.

He was specifically asked if he had concerns about Biden's budget proposals, this was his response:

Quote

There’s no question that we need substantial increases in public investment, substantially more attention to sustainability and preserving the planet, substantially more focus on the needs of children, particularly children from lower-income and middle-class families. And that we need to take better care of our seniors. And so I think President Biden’s judgment, that this is the moment for a large-scale increase in public investment, is correct. I would have a number of questions and issues in the details, but the policy impulse is very much the correct one

Summer's concern is whether the Fed can effectively restrain the recovery so that there's a balance between recovery and inflation.

I do find Conservative's sudden issue with spending to be a bit perplexing.  Trump's tax cut cost $2.3 trillion and had no measurable benefit to the economy.  The democrat's Covid relief bill cost $1.9 trillion and resulted in the biggest reduction in child poverty in history and resulted in economic recovery so dramatic that the biggest concern now is that we're recovering too well.

1 hour ago, MunoRN said:

 

Except Larry Summers never warned that "Joe Biden's big-spending agenda" or "Democrats dangerous spending" was going to create an inflation spike.

What he's been warning of is that an "overheated" economy (one that recovers too quickly particularly on the demand side) can result in inflation.

He was specifically asked if he had concerns about Biden's budget proposals, this was his response:

Summer's concern is whether the Fed can effectively restrain the recovery so that there's a balance between recovery and inflation.

I do find Conservative's sudden issue with spending to be a bit perplexing.  Trump's tax cut cost $2.3 trillion and had no measurable benefit to the economy.  The democrat's Covid relief bill cost $1.9 trillion and resulted in the biggest reduction in child poverty in history and resulted in economic recovery so dramatic that the biggest concern now is that we're recovering too well.

Drive through any major city in the US. Everything is in disarray unless it's a minute wealthy area. Streets, buildings. Our health care system is a shambles. Our govt is corrupt! Our politicians, crooks, mostly! Education system is a joke! 

Nurses, we spend more on our health care system than anyone else on the planet. Pandemic, where was the PPE? Where was the organization? Even the private institutions were a mess. 

Why?, because we have corrupt politicians resulting in a corrupt govt while we spend more than anyone else on defense, health care, you name it, our tax dollars is being wasted and even though I'm glad that Biden won and the Dems, Biden is an old man, with old man's energy. I don't play politics with anyone or anything! Straight up blunt about my aims and go for it! I don't like people who beat about the bush! 

I'm hoping that next election, he's wise enough to relinquish the reins to someone younger and angrier. I want Stacy Abrams or Elizabeth Warren or even Leticia James. People who have shown that they are unafraid to challenge the system but have the morality to be incorruptible! 

I don't ever want to see a republican in office again! They are crooks, but worst of all, WEAK AND MORALLY BANKRUPT! I love how they fight back though, just not the tactics! 

I really absolutely loved how Biden said it out loud about facebook and Fauci about lying Rand Paul! It's the only way to deal with bullies. Stand them up!