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Fed Chair exposes another Biden fallacy

Discussion in 'News & Current Events (Articles Required)' started by hislegacy, Jun 23, 2022.

  1. hislegacy

    hislegacy A child at 20 weeks

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    Not 'Putin's Price Hike': Fed chair breaks with Biden on inflation

    I realize there are a number of factors that play a role in those historic inflation that we’re experiencing — supply chain disruptions, regulations that constrain supply, we’ve got rising inflation expectations and excessive fiscal spending, but the problem hasn’t sprung out of nowhere,” Hagerty said.

    “In January of 2021, inflation was at 1.4%. By December of 2021, it had risen to 7% — a fivefold increase. Now, since the war in Ukraine began in late February, the rate of inflation has risen incrementally another 1.6% to a current level of 8.6%. So again, from 7% to 8.6%.”


     
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  2. bèlla

    bèlla ❤️ Supporter

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    All-in spending was approaching $13 trillion as of mid-2021. That’s more than the US spent in it’s 13 most expensive wars combined. We use wars because they’re the most expensive things we can think of. Money printing for Quantitative Easing (QE) appears to have worked, so the plan is to load on a bunch more paper money. Is there no limit?

    We start with a look at recent COVID costs and then expand to the bigger picture.

    86FBBC19-E14D-46E7-9928-433988DEC6B4.png

    President Biden’s $1.9 trillion American Rescue Plan is the third dose of economic COVID relief bringing the total to $5.2 trillion, which is about 25% of GDP (Gross Domestic Product). It’s huge. $5.2 trillion is the total cost of all our wars since 2001, and is greater than even our most expensive war in history, World War II.

    Many believe that all this relief is simply spending our previous tax payments, but the truth is that our government is creating new money, spending future tax payments, and distributing it widely as summarized in the next graph.

    E6C1E0CE-33E8-4F60-921F-A0C92EBD7EBB.png
    0A4A3E7C-2494-4630-B36D-1D5F9D2963DD.png
    8A8C806F-3F5C-4CA3-9FC7-9768B6786DB2.png
    CA6EE263-9E69-4435-92BB-AA8560777C92.png
    The US has jumped in with both feet in providing COVID relief. We are spending more than any other country, including Japan, the acknowledged pioneer of liberal money printing. We’ve spent 25% of GDP so far.

    F1800CF3-0340-46D1-A2C3-43FF923052E5.png

    The government doesn’t actually run the printing presses to create all this new money. The Treasury issues bonds. Note that your relief check says “US Treasury.” Under normal circumstances there are plenty of buyers for these bonds, including foreign governments like China and Japan, but these are not normal circumstances, so the Federal Reserve is buying most of the Treasury’s new bonds.

    32174872-8DED-4C85-8870-4D5EB2FB66F3.png

    The advice in the Talmud is worthy of consideration, namely: Let every man divide his money into three parts, and invest a third in land, a third in business and a third let him keep by him in reserve.

    182BEFB0-DCE9-436A-B7E6-04F9655478A2.png
     
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  3. KCfromNC

    KCfromNC Regular Member

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    https://www.washingtonpost.com/business/2021/01/14/trump-legacy-national-debt-increasee/

    One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch.

    The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.
    But sure, let's all pretend that this is a problem created out of thin air by Biden alone. Ignoring reality is a terrific way to understand and address problems.
     
  4. seeking.IAM

    seeking.IAM Episcopalian Supporter

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    Also said in the OP cited article:
    “The increase in commodity prices are clearly connected to to the war in Ukraine. And so that that part of inflation would be certainly much lower than it is without the war in Ukraine,” Powell said."
     
  5. The IbanezerScrooge

    The IbanezerScrooge I can't believe what I'm hearing...

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    It's funny how 2/3rds of all COVID spending happened under Trump, but they only blame Biden.
     
  6. hislegacy

    hislegacy A child at 20 weeks

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    Right which is part of the 1.6% added to the 7% level that was already there.
     
  7. BPPLEE

    BPPLEE Well-Known Member

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    Don't forget other past Presidents Fact check/Is Donald Trump right that the debt has doubled under President Barack Obama

    Republican presidential nominee Donald Trump, during the September 26 debate against Democratic nominee Hillary Clinton, claimed that the Obama administration has “doubled [the debt] in a course of almost eight years.”

    Is that accurate? The public debt has indeed doubled (in dollar terms) during President Obama’s tenure, but Congress shares responsibility with the White House for the increase.
     
  8. KCfromNC

    KCfromNC Regular Member

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    If blaming Biden was based on things Biden actually did, there'd be a whole lot less of it.
     
  9. KCfromNC

    KCfromNC Regular Member

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    Thanks Obama!
     
  10. hislegacy

    hislegacy A child at 20 weeks

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    That is exactly what Biden's Chairman of the Fed is doing in the OP.
     
  11. KCfromNC

    KCfromNC Regular Member

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    Weird, the article linked in the OP mentions a GOP senator doing so.
     
  12. hislegacy

    hislegacy A child at 20 weeks

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    From the OP:

    Federal Reserve Chairman Jerome Powell on Wednesday broke with President Biden’s repeated attempts to blame Russian President Vladimir Putin’s invasion of Ukraine for the highest inflation in 40 years.

    Hagerty asked Powell, “Given how inflation has escalated over the past 18 months, would you say that the war in Ukraine is the primary driver of inflation in America?”

    “No, inflation was high before — certainly before the war in Ukraine broke out,” Powell said.

     
  13. KCfromNC

    KCfromNC Regular Member

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    If one reads further in the article, one will see that it is a GOP congressperson who mentions Biden, not the Fed chair. Perhaps a correction of the thread title is in order to bring it back into line with the truth?
     
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  14. BPPLEE

    BPPLEE Well-Known Member

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    You must have missed this quote. It contradicts Biden

    , Hagerty asked Powell, “Given how inflation has escalated over the past 18 months, would you say that the war in Ukraine is the primary driver of inflation in America?”

    “No, inflation was high before — certainly before the war in Ukraine broke out,” Powell said.
     
  15. hislegacy

    hislegacy A child at 20 weeks

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    Here, let me quote it a third time:

     
  16. KCfromNC

    KCfromNC Regular Member

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    “I’m glad to hear you say that,” Hagerty replied. “The Biden administration seems to be intent on deflecting blame and as recently as just this past Sunday spread the misinformation that Putin’s invasion of Ukraine is the ‘biggest single driver of inflation.’ I’m glad you agree with me that that is not the truth.”

    Seems that only one quote in the article names Biden, and it isn't from the Fed chair, but from a GOP partisan.
     
  17. BPPLEE

    BPPLEE Well-Known Member

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    Stevie Wonder could see this, I can't make it any plainer for you.
     
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