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Biden Inflation Explosion

Will the erBB Leftists deny it is happening or will they embrace inflation as an awesome thing?

  • Deny Inflation Is Happening

  • Claim Inflation Is Good

Results are only viewable after voting.
K

Kento

Duke status
Jan 11, 2002
69,061
21,492
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The Bar
1666037556061.png


Sing along with me...

He's got the WHOLE world in his hands!



Speaking of tomato futures, nice that the backyard is still producing enough that kids teachers will continue to get bags of tomatoes instead of an apple. Nice to be dodging that inflationary bullet.
 
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GromsDad

GromsDad

Duke status
Jan 21, 2014
54,922
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West of the Atlantic. East of the ICW.
Failed Economic Policies Are Finally Catching Up With Politicians


The Department of Labor released September inflation data for both consumers and businesses this week, and the numbers aren’t good.

Inflation is high—and accelerating. Prices paid by businesses, (measured by the Producer Price Index, or PPI), rose 8.5% over the last year while prices paid by consumers, (measured by the Consumer Price Index, or CPI), rose 8.2% over that same time. In September alone, the PPI and CPI both climbed 0.4%, an acceleration from prior months. Worse yet, core inflation (which excludes food and energy) accelerated even faster, hitting a new 40-year high of 6.6% over the last year.

Far from being “transitory,” as the Biden administration infamously declared, inflation is thoroughly embedded in the economy. When inflation was similarly raging in 1980, then-candidate Ronald Reagan famously asked voters if they were better off compared to four years earlier. Their answer on election day was a resounding “no,” and incumbent President Carter lost in a landslide. Congressional incumbents stand to take a similar beating next month because the economy is in similar straits.

Just like in 1980, Americans today are experiencing a cost-of-living crisis. Foremost on Americans’ minds is inflation, which has hit historic highs under President Biden, reaching levels not seen in four decades, despite Biden inheriting an inflation rate of just 1.4%. It promptly rose to over 9% in just 18 months.

That inflation is a real tax on Americans and has made them demonstrably poorer. The average worker has lost the equivalent of over $3,000 in income under Biden because prices have risen so much faster than wages. And it’s not the price of yachts and caviar that is crushing Americans—it is necessities. Discretionary and luxury items are, by and large, increasing slower than the headline inflation numbers, while eggs and flour have skyrocketed 30.5% and 24.2%, respectively. Dairy products are up another 20.8% and soup 20.5%. And these price increases are just the last year.


Americans’ woes don’t stop with food. Just in time for winter, home heating oil’s price has risen 58.1% since September 2021 and natural gas 33.1% over that same time. The Biden administration’s estimate that it will cost Americans 28% more to heat their homes this winter seems overly optimistic.

But perhaps the worst element of the latest economic data is that core inflation just hit a new 40-year high. As the Federal Reserve’s preferred inflation metric, high core inflation is a strong indicator that the Fed will continue with its hard and fast interest rate hikes, which will compound the pain for American families.

Higher interest rates add insult to injury for Americans already suffering from 40-year-high inflation because those higher rates increase borrowing costs on everything from mortgages to auto loans to credit cards. That is particularly troubling when Americans are going increasingly into debt to cope with the higher cost of living under Biden. Rising credit card rates combined with ever-increasing credit card balances is a recipe for disaster.

But the housing market provides perhaps the best perspective on Americans dissatisfaction with the economy. Because home prices and interest rates have both risen so much under Biden, the mortgage on a median priced home is now 80% more expensive than when he took office, costing the homeowner over $10,000 more a year on that mortgage.

This is not sustainable, either financially or politically. If history is any indication, Americans may soon give congressional incumbents the same treatment they gave Carter in 1980—the last time America had a cost-of-living crisis.

www.heritage.org

Failed Economic Policies Are Finally Catching Up With Politicians

The Department of Labor released September inflation data for both consumers and businesses this week, and the numbers aren’t good.
www.heritage.org www.heritage.org
 
hammies

hammies

Duke status
Apr 8, 2006
15,627
14,277
113
GromsDad said:
Far from being “transitory,” as the Biden administration infamously declared, inflation is thoroughly embedded in the economy. When inflation was similarly raging in 1980, then-candidate Ronald Reagan famously asked voters if they were better off compared to four years earlier. Their answer on election day was a resounding “no,” and incumbent President Carter lost in a landslide. Congressional incumbents stand to take a similar beating next month because the economy is in similar straits.
Click to expand...
Reagan won in a landslide but Volcker was the person that strangled inflation, which was way worse than it is now.

Just about everything was worse in 1980 than it is now, actually.
 
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S

Surfdog

Duke status
Apr 22, 2001
21,795
2,010
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South coast OR
kidfury said:
worldwide inflation
Click to expand...
It could be argued that the Biden admin actually started it.

We had it (inflation) worse than most well over a year ago, and now the modern west world is catching our sh*tz in the bed.

USA is/was the world's largest producer of oil. Fook up that status with no back-up plan, and the world follows.

Iran is now planning to sell oil to Venezuela, and we'll be buying Iran's oil thru them. :monkey: :foreheadslap:

AND, so much for replenishing our SPR. We're setting ourselves up for a good shafting.
 
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S

Surfdog

Duke status
Apr 22, 2001
21,795
2,010
113
South coast OR
hammies said:
Reagan won in a landslide but Volcker was the person that strangled inflation, which was way worse than it is now.

Just about everything was worse in 1980 than it is now, actually.
Click to expand...
But it's only just getting started. We had huge inflation thru-out much of the late 70's/early 80's.

Most here have no clue what it's like to see prices on most everything almost double over 5-6 years.
Even decent raises barely keep up with status quo. That $15 an hour min wage will look useless in a couple years.

Biden adminions have forgotten history and will force us to re-live it.

2020's could be a mirror of those crazy inflationary years, at this rate.
 
K

kidfury

Duke status
Oct 14, 2017
25,110
10,824
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us oil production was not decreased

republicans are relying on mischaracterizations
 
S

Surfdog

Duke status
Apr 22, 2001
21,795
2,010
113
South coast OR
kidfury said:
us oil production was not decreased

republicans are relying on mischaracterizations
Click to expand...
USA oil production (1000 barrels per day)

oilproduction-JULY-2022.png
As you can plainly see, pretty much flat in production since taking office in 2021.

Look at the increase of USA oil production from early 2017 thru March 2020 (Covid slammed the production of EVERYTHING from April 2020-Oct 2020) and Biden adminions pretty much set the anchor on oil production since taking office.

Meanwhile we add millions more people (immigrants and others), yet we have less oil production than most all of 2019-early 2020.
 
M

mundus

Duke status
Feb 26, 2018
37,404
16,412
113
Surfdog said:
It could be argued that the Biden admin actually started it.

We had it (inflation) worse than most well over a year ago, and now the modern west world is catching our sh*tz in the bed.

USA is/was the world's largest producer of oil. Fook up that status with no back-up plan, and the world follows.

Iran is now planning to sell oil to Venezuela, and we'll be buying Iran's oil thru them. :monkey: :foreheadslap:

AND, so much for replenishing our SPR. We're setting ourselves up for a good shafting.
Click to expand...
so fooking deluded.
 
S

Surfdog

Duke status
Apr 22, 2001
21,795
2,010
113
South coast OR
grapedrink said:
Not really. It was Trump and congress that flooded several T into the economy during the early months of COVID. You can't put that toothpaste back in the tube.
Click to expand...
Yes, that flooding was because fed gov basically FORCED the economy to stop and grind it down to its knees, unprecedentedly. People/businesses needed something to fall back on.

Did we "need" to totally shut down all "non-essential" parts of the economy? In hindsight, probably not even. But we did, and those funds help many survive those first excruciating months of shut-down. Though many still never came back.

But what made it much worse, was Biden doubling and tripling down those T's when it was no longer necessary, and now inflation is back with fervor not seen in 40 years. High inflation is the toothpaste, if not the evil genie, that's hard to put back in the bottle. It's not easy to stop once it gets its grip on the economy as a whole, and these adminions have no clue.
 
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grapedrink

grapedrink

Duke status
May 21, 2011
26,233
15,009
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A Beach
Surfdog said:
Yes, that flooding was because fed gov basically FORCED the economy to stop and grind it down to its knees, unprecedentedly. People/businesses needed something to fall back on.

Did we "need" to totally shut down all "non-essential" parts of the economy? In hindsight, probably not even. But we did, and those funds help many survive those first excruciating months of shut-down. Though many still never came back.

But what made it much worse, was Biden doubling and tripling down those T's when it was no longer necessary, and now inflation is back with fervor not seen in 40 years. High inflation is the toothpaste, if not the evil genie, that's hard to put back in the bottle. It's not easy to stop once it gets its grip on the economy as a whole, and these adminions have no clue.
Click to expand...
Money always finds a home after it’s been printed. Then it recirculates over and over. There is no reigning that in. Had we had another 4 years of Trump we would be in a similar predicament.
 
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K

kidfury

Duke status
Oct 14, 2017
25,110
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Surfdog said:
It's STILL less than many months of the prior administration, when it should be MORE, considering our economy is supposedly "AS STRONG AS HELL" according to Biden.:roflmao:

Why? You know why.
Click to expand...
Oil production is steady. Same as it was.
 
K

kidfury

Duke status
Oct 14, 2017
25,110
10,824
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The United States holds 35,230,000,000 barrels of proven oil reserves as of 2016, ranking 11th in the world and accounting for about 2.1% of the world's total oil reserves of 1,650,585,140,000 barrels.
The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

www.worldometers.info

United States Oil Reserves, Production and Consumption Statistics - Worldometer

Current and historical Reserves, Production, and Consumption of Oil in the United States. Global rank and share of world's total. Data, Statistics and Charts.
www.worldometers.info www.worldometers.info
 
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