Looks like Harris was the deciding vote

[Always in His Presence]

​

5/26/2021​

Troubled’ by Biden policy stance​

Summers said that while he supports Biden’s efforts to raise the minimum wage, step up regulation and boost unions, he warned that these policies can be inflationary. That’s why he’s been “troubled by the policy posture” of the Biden administration and pointed to how inflation helped elect Republicans in 1968 and 1980.

That’s right. Harris was the deciding vote on the policy that he was warned would cause inflation

And it did!

https://www.cnn.com/2021/05/26/economy/inflation-larry-summers-biden-fed/index.html

Summers argued that the magnitude of today’s federal policy positions are greater than the ones that set off runaway inflation in the late 1960s. And he voiced concern about the stability of the US dollar.

“We are printing money, we are creating government bonds, we are borrowing on unprecedented scales,” Summers said. “Those are things that surely create more of a risk of a sharp dollar decline than we had before. And sharp dollar declines are much more likely to translate themselves into inflation than they were historically.”

White House and Fed push back on inflation fears​

Fed officials have repeatedly insisted that rising inflation — consumer prices in April jumped the most since 2008 — will fade as the economy fully reopens. Many economists agree with that thinking.

The White House has pushed back on inflation fears, saying a temporary imbalance between supply and demand is to be expected given the nature of the crisis and recovery.

 

[essentialsaltes]

[May 27, 2021]

White House and Fed push back on inflation fears​

Fed officials have repeatedly insisted that rising inflation — consumer prices in April [2021] jumped the most since 2008 — will fade as the economy fully reopens. Many economists agree with that thinking.

[FRI, SEP 27 2024]
Inflation moved closer to the Federal Reserve’s target in August, easing the way for future interest rate cuts, the Commerce Department reported Friday.

The personal consumption expenditures price index, a gauge the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%, down from 2.5% in July and the lowest since February 2021. The Fed targets inflation at 2% annually.

 

[Always in His Presence]

[May 27, 2021]


[FRI, SEP 27 2024]
Inflation moved closer to the Federal Reserve’s target in August, easing the way for future interest rate cuts, the Commerce Department reported Friday.

The personal consumption expenditures price index, a gauge the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%, down from 2.5% in July and the lowest since February 2021. The Fed targets inflation at 2% annually.

Pssst. Inflation hit 9% after Harris cast the deciding vote.

I guess Clinton’s advisor was right.

 

[Bradskii]

Pssst. Inflation hit 9% after Harris cast the deciding vote.

I guess Clinton’s advisor was right.

So what they proposed caused inflation to rise then but fall now?

 

[BPPLEE]

So what they proposed caused inflation to rise then but fall now?

So what? Everything went up and we're still paying exorbitant prices even though inflation has eased.

 

[Bradskii]

So what? Everything went up and we're still paying exorbitant prices even though inflation has eased.

How can the same policies cause a rise in inflation and then cause a decrease in it?

 

[BPPLEE]

How can the same policies cause a rise in inflation and then cause a decrease in it?

Things can only go so high, people will quit buying them

 

[Bradskii]

Things can only go so high, people will quit buying them

So inflation has nothing to do with those policies. Roger that.

 

[BPPLEE]

So inflation has nothing to do with those policies. Roger that.

xpansionary Fiscal and Monetary Policy​

Expansionary fiscal policy by governments can increase the amount of discretionary income for both businesses and consumers. If a government cuts taxes, businesses may spend it on capital improvements, employee compensation, or new hiring. Consumers may purchase more goods as well. The government could also stimulate the economy by increasing spending on infrastructure projects. The result could be an increase in demand for goods and services, leading to price increases.


Just as expansionary fiscal policy can spur inflation, so too can loose monetary policy. Expansionary monetary policy by central banks can lower interest rates. Central banks like the Federal Reserve can lower the cost for banks to lend, which allows banks to lend more money to businesses and consumers. The increase in money available throughout the economy leads to more spending and demand for goods and services.

What Causes Inflation? How It's Measured and How to Protect Against It

In this article, we examine the fundamental factors behind inflation, different types of inflation, and who benefits from it.

www.investopedia.com

 

[Bradskii]

xpansionary Fiscal and Monetary Policy​

Expansionary fiscal policy by governments can increase the amount of discretionary income for both businesses and consumers. If a government cuts taxes, businesses may spend it on capital improvements, employee compensation, or new hiring. Consumers may purchase more goods as well. The government could also stimulate the economy by increasing spending on infrastructure projects. The result could be an increase in demand for goods and services, leading to price increases.


Just as expansionary fiscal policy can spur inflation, so too can loose monetary policy. Expansionary monetary policy by central banks can lower interest rates. Central banks like the Federal Reserve can lower the cost for banks to lend, which allows banks to lend more money to businesses and consumers. The increase in money available throughout the economy leads to more spending and demand for goods and services.

What Causes Inflation? How It's Measured and How to Protect Against It

In this article, we examine the fundamental factors behind inflation, different types of inflation, and who benefits from it.

www.investopedia.com

So why did 'raising the minimum wage, stepping up regulation and boosting unions' cause inflation to rise when those policies are still in place when inflation falls.

 

[Always in His Presence]

Kamala support and deciding vote for the bill caused inflation just like they were warned it would. And they have been fighting it ever since.

When inflation hit a 40 year high, they freaked out and began OTHER actions to fight the inflation their bill caused.

Bottom line: If they had not passed the bill, Harris being the tie breaker, the inflation would not have gone out of control.

Roger that?

 

[Bradskii]

Kamala support and deciding vote for the bill caused inflation just like they were warned it would. And they have been fighting it ever since.

From here: Rising inflation is a global problem: U.S. policy choices are not to blame

'Rather than the specific policies of the Biden administration driving inflation, the roots of today’s inflation are a more complicated cocktail of other forces: from the spike in raw material, energy, and commodities prices due in large part to the Russian invasion of Ukraine, to lingering supply chain disruptions and distorted consumer demand patterns stemming from the pandemic. These shocks and their unexpectedly large ripple effects are the global explanation for rising inflation.'

Key takeaways:

• An international comparison among OECD countries shows that rising inflation is a global phenomenon, not unique to the United States.
• This fact argues strongly that high inflation in the U.S. has not been driven by any unique American policy—not the American Rescue Plan and other generous fiscal relief during the pandemic recession and recovery nor anything else U.S.-centric.
• Some have argued that the global rise of inflation means that many countries— including the U.S.—overstimulated their economies and generated excess aggregate demand. But this explanation is not supported by the data. The countries with larger declines in unemployment over the past 18 months have not seen larger inflation spikes.