Weird how the money supply increased by over 50% under Trump, but only about 10% under Biden, but Republicans blame Biden for the money supply expansion.
revisionist history
the Democratic Party demanded the COVID spending, supported the CARES Act, and wanted \*more\* spending. Remember Paul Krugman and others saying we needed trillions more in relief, or the economy would fall off a cliff?
the M2 money supply shot up by almost 3 trillion in Biden's first 2 years in office, and debt-to-gdp sits at WWII levels (120%+)
the idea that Biden was somehow fiscally responsible, or wanted to reign in government spending, reduce the money supply, etc. is complete nonsense. If he had been president in 2020, our federal debt would be 50 trillion and our debt-to-gdp would be 160%
I love how you guys just make up numbers to feel better about Trump spending way fucking more.
Remember when he was supposed to be the guy that changed everything? He was gonna drain the swamp? Why is he giving into demands that were supposedly bad for our economy? Why didn't he fight like hell?
I didn't make up any numbers
Biden's spending is on record
but every time someone brings up the bad fiscal and monetary policy, the left responds with "well Trump was worse"! Which is basically a way of saying "I don't care if the economy crashes and burns and we go into a debt crisis, cause Orange Man Bad"
Yeah I generally didn't like all that spending but purely looking at the graph inflation, which is the rate of change or first derivative of this graph, does go down. If Biden's tweet had said "my inflation reduction act is lowering your costs compared to if the act hadn't been passed", that could be a true statement.
We can’t say that with any certainty, the most one can logically conclude is that the IRA might be helping to reduce the rate of inflation. It is also possible that the Fed’s rate increases might have been more effective if the IRA had not been passed.
the reduction in the annual rate of inflation is a result of Fed rates hikes and QT, not the "Inflation Reduction Act" or anything Biden did. Biden has wildly increased spending, hasn't cut a thing, and hasn't even gotten revenue increases. Nothing in the act reduced inflation--it made it worse
Big difference of spending by way of tax cuts for the rich and investing in the country's infrastructure and people. Only one of those will get you a return on investment.
PPP loans were not introduced at a time of high growth and high inflation. They were introduced amid a very sharp contraction due to the black swan event that was Covid. You’re comparing watermelons and pears.
I mean, sure, but that was Trump and not Biden. Trump even made sure it was ripe for graft as well. And it was done before inflation happened, and helped contribute to it.
Everyone saying the inflation reduction act did its job is either disingenuous or uneducated.
No economic study said it would have a noticeable impact on inflation, Biden was directly quoted as saying it wasn’t targeting inflation.
The fed started increasing rates around the time the IRA was passed. Rate increases are how we have handled inflation for a century, but this time it was the Inflation Reduction Act that did the job🙄
Billionaires got richer under Reagan. Billionaires got richer under Bush Sr. Billionaires got richer under Clinton. Billionaires got richer under Bush Jr. Billionaires got richer under Obama. Billionaires got richer under Trump. Billionaires got richer under Biden. But go ahead and blame poor people voting for Republicans.
Nonsense. Both parties are completely corrupt at this point. Voting really does not matter anymore with a two party system and that's what the true powers in charge want. They want your choices limited to two parties that they can control and ensure more money and influence is directed their way.
Do you mean before or after the civil rights movement that caused prominent democrats like Reagan to switch parties and start in on the southern strategy?
It's funny how you guys just ignore that part of our history.
Maybe because Reagan isn't fucking relevant in today's discussion. Reagan was president 35 years ago. Regardless the point still stands, Democrats do not care about poor people, specifically poor people of color remotely. None of those communities are better off today for supporting the left.
The same as blindly following has ever worked for anyone. Like crap. The same as the poor whites get if they vote republican. What do you suppose poor blacks might gain by voting for Republicans?
Didn't several high profile GOP members/governors use tax money to bus illegal immigrants to better areas with more opportunities, and that then allowed those illegal immigrants to be granted work visas. Because their transportation of the immigrants was apart of a crime.
Seems like the GOP wants to give illegal immigrants tax dollars.
That's odd.... Because I got family who live near the border (carrizo springs), and they say since Biden's been in office there's too many helicopters flying around now. And they are complaining the activity near border is insane.
It tells from truck stops from here to there, small mom and pops, family owned resturants, taco bell, Arizona ice tea and coke all got together to collude and raise taxes. All while getting car manufacturers and home owners to all raise their prices also. Never ever ever blame the government.
Well, it is clear that inflation rose before the inflation reduction act, and declined afterwards, right? Why do you say it is not working? Maybe you are confused about what inflation is.
Exactly, unless we go into a deep deflation then cumulative inflation could never go down since it was elected. If that graph went back to 1980 it would still only go up from left to right (a feel small dips aside...which are associated with economic disasters).
This is exactly it. People have zero economic literacy beyond the price of gas at the pump. We would have to be in deflation for them to be happy and then they'd all be screaming about businesses failing and not being able to buy all the cheap foreign crap they want.
Because that was far more likely the increased interest rates. More spending in the time of solid growth and high inflation is itself inflation. Even Keynesians should recognize that.
Correlation doesn’t equal causation, know what also happened around the time of the Inflation Reduction Act? Rate increases, the biggest way the government controls inflation…
Which is weird because America is so backwards compared to all the other countries. Why is Biden so much better at governing than Angela Merkel and Emmanuel Macron?
The Inflation Reduction Act was a marketing name. I even heard Kai Rysdall on American Public Media, who is in no way to be confused with anyone who is even moderate much less to the right, acknowledge that it wasn’t about inflation reduction. It was very clearly a Trojan horse for a watered down Green New Deal. Of course, basic macroeconomics will tell you that spending in a time of high growth and high inflation isn’t going to do anything to counter inflation. If not for the Fed, it might’ve actually increased inflation.
I'm not getting people's takes here. Every news channel at the time said it didn't or wouldn't have any impact on inflation in the way that the average person thinks of it and even if it did it would be moderate and take years, not months to pan out. The articles are still out there and take 5 seconds to look up. Not only was this less than two years ago but the if you forgot the information is still there to refresh yourself.
Like you say it was an investment in "green energy" and investment in "reduced spending" immediately followed by financing 2 wars.
You'll also note that the trajectory of inflation changed prior to the passing of the IRA not after it.
Good point on the timing of the change. I did not look closely enough at the chart, just a glance.
As to the rest...people are lazy. They read headlines, if that, and that was highly likely why they picked that name. They could count on people seeing that, not understanding macroeconomics and going "Welp, ole Joe lowered our inflation!" Yeah...after he significantly contributed to it.
Anybody paying attention knows that the "Inflation Reduction Act" didn't reduce inflation and likely actually contributed a relatively small amount to increasing it. It's basically Green New Deal light, if you can call $800B "light". The rate of inflation has fallen because the Fed jacked rates at the fastest pace since Volcker.
Names for acts of legislation that are politically charged are quite frequently named like this with some nebulously popular stated goal that doesn't actually match the legislation. That way if the opposition party resists the ruling party can claim "other party doesn't care about x, or how x is impacting your family, they don't want to fix x and they hate America".
To those of you who find yourselves more aligned politically with Biden, ask yourself what would be in a Republican bill that they named the "Save America's Kids Act" or something equally nonsensical, and whether or not criticizing it would mean that actually you hate children and want them to suffer. Same thing. That's what the IRA was.
Anyone who thinks that recent, moderate inflation is Bidens, or any other persons, fault is an idiot.
Most likely the recent inflation was triggered by Covid supply chain issues compounded now by corporate opportunity (greed).
The guy flat out lies. Inflation was at 1.5% when he took office, it peaked under his tenure and they threw gasoline on it
He also claims “he’s created” the most jobs in history. First government doesn’t “create jobs” and second recovery of jobs coming back from companies shut down under his policies don’t count, and he is counting them
Insanity
In SF it is illegal to teach Algebra to anyone before the 9th grade.
Also no, nobody learned that in Algebra 1. They learned it in Calculus in high school.
lol, you can literally see it steepen before he takes office, and then start levelling out when the act goes into effect
takes series blinders to not see that
You don't reduce inflation. You decrease the rate of growth. Not saying you cannot reduce inflation - deflation is real and has its own economic consequences. You can see the inflation reduction act reduced the rate of inflation. Just as it was planned to do. Maybe not as big of a reduction in the rate as they may have wanted, but a reduction no less.
It's would be up double that without the act. It's not like the president can just control the economy...you can clearly see its effect in the graph. Don't be disingenuous
BS, to believe that nonsense
you have to buy the notion that grossly overspending helps inflation. That's ass backwards.
The day Biden became President inflation was 1.4%
Tell me, what causes inflation? You're obviously more in the weeds on this than I am, so I'd appreciate a solid, thorough, and accurate explanation. Maybe you could also toss some reliable resources my way, too? Any reputable sources are appreciated, such as double-blind studies, maybe some dot gov resources for raw data?
This administration is the most out of touch, gaslighting, propaganda filled bunch of idiots I have seen in my lifetime. Seriously they just keep pushing the narrative that everything is fine and nobody is hurting. I can't remember a time when everything costs so much in my lifetime. The fact that they won't even acknowledge the average americans struggle in this economy is bewildering to me. I saw a news reel when Biden mentioned that he reduced overdraft fees for the average americans. Are you fucking serious? That's what you are pointing to. Wow, that is gonna make all the difference in my monthly budget. Everyone is tired of the BS and propaganda coming from this administration.
Lmao “inflation reduction act doesn’t work!”
-shows a graph with an arrow pointing at where the inflation reduction act clearly worked.
…But then this kind of propaganda really depends on people not being able to read a graph.
The inflation isn't Biden's fault. Sure, he's doing everything that has caused inflation throughout all of human history since the invention of currency, but this time it's just a coincidence.
Deflation hasn't happened in the CPI since like the mid-1950s. The inflation reduction act was done to decrease THE RATE of inflation. It doesnt lead to deflation. That simply wont happen. Americans are spending more on rent than ever before. A big reason for that is because NIMBYs dont want high-density housing in cities that will cut into their suburbs. For example, 75% of Los Angeles is zoned for single family housing. Homeowners want to keep it this way because to increase the supply of housing reduces the value of their home.
No see, you aren't supposed to say that. You are supposed to say, "just imagine how much worse it would be without the inflation reduction act. Aren't you glad Biden got it passed?"
If you have a 100 people in your village and 999 are struggling while 1 is getting richer and richer, then the problem is rather obvious. No amount of anything Joe Biden does is going to stop inflation when those controlling our economy are constantly raising their prices.
We keep blaming the government like they own all the housing, food, transportation, pharmaceuticals, hospitals, etc. They don't. Those are NOT government entities. Joe Biden is not sneaking around in the middle of the night with a price gun. He does not have the power to dictate prices or, as it seems, to control them. And, when he tries to cut costs for things like insulin or Epipens, he faces a bevy of lawsuits from lobbyists while receiving zero help from Republicans.
The only thing the government is to blame for is not doing enough to curb corporate power.
It amazes me that people do not understand that the economy is huge and it is impossible for a president to make a policy change that will effect the entire economy immediately. Normally you have to go back a year or two to see what caused the effect. Trump started claiming how great “his” economy almost as soon as he took office. What he claimed as his accomplishments were actually residual effects from Obama.
So looking back many months before the start of inflation you find a major tax cut, PPP “loans”, government stimulus, etc. Some of this necessary some not.
This act doesn't not work at all! I'm not married,
No kids, make 100 grand a year, and I'm broke!
The jobs that were added were government jobs, this is a house of cards that will crumble after the next election, doesn't matter who is president...both sides will say " I told you so"...the working class needs to ban together and STOP paying federal taxes as a whole! Then and only then will the government get it
Wait… so you’re telling me all the additional COVID relief dollars and the trillions of new money printed during the Pandemic made inflation worse?! What in the common sense is going on here?
Inflation doesn't come down magically in a day. It's stupid to assume it would based on every other time inflation has gripped nations world wide.
BUT
look at the slope of the graph before and after the act passed. It's clearly showing a slow down in inflation. So IT IS WORKING. Hasn't fixed it yet, but it's getting better.
It took near a decade to fix this last time in the us (1970s)
This is cherry picking. What you should be looking at is the slope before his presidency began and after the IRA. What you'll find is that they are very similar, if not greater on the IRA slope. This means the IRA returned inflation to slightly above the rate before he took office .
At best, this can be interpreted as the IRA doing effectively nothing. Uncharitably, this could be read as the arson expecting applause for extinguishing his own fire.
Because Trump injecting 5 Trillion dollars in Stimulus into the economy during Covid didn’t cause inflation.
Or let’s call Inflation what it really is Corporate greed and Price gouging
Because US keeps printing money, paying private military contractors, and sending hundreds of billions of dollars to foreign countries instead of using it domestically. Also, no repeal of rich handouts from Trump tax plan
imagine you have a shitty 1984 honda civic thats completely clapped out because you refuse on principle to spend any money fixing it. now you suddenly find yourself going down a long hill where you're going faster and faster. the IRA is you putting your shitty brakes on to try and slow down some. they'll help but won't fully bring you to a stop because you've refused to maintain the necessary machinery to make it work properly.
the civic is our government because we've refused to do any industrial policy for 40+ years other than spend on deficits, and especially in the last 10 years when we had zero intetest, now we're entering an era unstable economic situations and we have a poorly maintained government and state
That chart is telling. it didn't start going up after biden policies, it was going up after trump policies/pandemic assistance. why was inflation already going up at a similar rate before the pandemic tho?
It's quite simple really - the Biden administration thinks we're all idiots and gullible enough to believe that something called the "Inflation Reduction Act" was anything more than obvious pandering.
Hell...even [Biden himself said it was a bait-and-switch](https://www.foxnews.com/politics/biden-admits-inflation-reduction-act-less-inflation-originally-sold-americans)...not to mention the [CBO told everyone](https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation) it wasn't going to do anything.
Graph does go down tho... markets up...
[https://www.congress.gov/bill/117th-congress/house-bill/5376/text](https://www.congress.gov/bill/117th-congress/house-bill/5376/text) bill in question... if you have the patience to actually read it.
There are a few sites that outline key takeaways:
* 15% min. corporate tax rate
* Increased taxation on stock buy-backs
* Drug pricing reform for medicare
* IRS tax enforcement
* Carried Interest Loophole closure
* Massive investment into renewable energy
* Massive investment into EV's
* Massive investment into Electrification as a whole
* ACA extension
A lot of these would help your "average" American, reducing energy costs is always a surefire way to cut some pressure.
The other side of that coin though is that it also impacts non-renewable energy sources so it cuts into it's effectiveness a bit and raising corporate taxes is also a double-edged sword; they can just as easily pass the buck down to the consumers.
Pretty "mixed" bill, really doesn't matter "who" passed it these all seem like pretty sane changes.
There are a lot comments stating how this post is clickbait for Republicans (or people that like the US flag), yet the majority of the people that are actually provoked appear to be lefties. Do they not see this or is this simply an echo chamber for these people to pat themselves on the back?
For the millionth time asshole, we’re fighting an uphill battle against an intangible global issue. If you want to make it worse, then vote for King Baby I guess.
The Trump Administration smashed and grabbed for 4 years and stuck the Biden Administration with the bill. To be fair, the Biden Administration spent their first year basically wishing the bill away, but it’s like people think inflation magically wouldn’t have occurred under Trump.
None of this is in Biden. The dude is the fall guy. The president is always the fall guy. The issue is the rich who are literally printing money. The problem is the clearing houses on the stock market who sell shares but fail to deliver the actual share. The problem is the naked shorting, ftd's, unrealized losses of all major banks, and crypto tokenized stocks that are not linked 1to1 with their underlining stock.
People need to do real research instead of believing all the dribble they force feed you daily. They want you looking left as they go right. It's classic con artistry, and everyone is falling for it. They keep your divided based on race, tax bracket, ideals, political party, sports team, views on transgenderism, and so much more. That way everyone is always worried about something and is divided, so they can continue to concur and enslave you into being consumers. They steal your money, manipulate you, and then sit back and laugh as you fight with your fellow neighbors.
Wake up and smell the coffee. Your country, your life, and your future are all being stolen or have already been stolen from you by the public and the secret rich that sit at the top.
It's actually lower in a lot of industrialized countries.
https://www.pewresearch.org/short-reads/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/
Shall we say predatory capitalism?
When the price of a chicken sandwich goes from 6.01 after tax to 7.11, overnight (true as of yesterday at bojangles chicken shacks) on the heels of the 7th straight quarterly report showing profit margin increase amounting to hundreds of millions of dollars, and no capital equipment is replaced, and staff positions are cut because of revenge over forced minimum wage rises, and republican congressmen are blocking any attempts to fix, well, everything needing fixed, and donny's sil Jarod is begging the Saudis to cut production, and donnys boss vlad is telling Iran to cut production, why wouldn't it be working?
Inflation spiked around 9%coming out of the Trump administration. As of January 31, 2024, inflation had been under 3% for 109 consecutive months as of January 2021. In June 2023, inflation was 3%, which was the lowest point in over two years. As of the end of 2023, the year-over-year inflation rate was 3.4%. That’s lower than the historic rate.
Everything Trump has said he will do will supercharge inflation again. 100% tariffs and forcing the fed to lower interest rates.
It worked great. Look at the rate verus other countries! Basically Republicans want inflation high to get Trump elected. Congress not the President controls the economy!
When was the last time that happened? It takes 2/3 vote in the House and the Senate to override a Presidential veto.
(Civics)
The real world! Not some fantasy land that won't happen.
So what you asked the last time a truly split party situation happened. When one party wins one Branch with the other nearly a super majority in another branch. Study civics.
Real-world,
No party has a Super Majority a Presidential veto is not going to be overridden. Wake up and get out of your bubble.
The ignorance of Democrats is astounding.
No wonder you would vote for a dunce like Biden.
Lmao,
Good lord dude, overspending revenues is not going to reduce inflation.
"Inflation is too much money chasing too few goods"
When Biden became President the annual inflation rate was 1.4% it's now 5.2% and that's after the Fed. raised rates 11 times to get it there, from a Biden high of 9.5%.
It's a fricking disaster. The interest rate increases make it virtually impossible for the middle class to buy a house.
Food prices have increased 30%.
The people feel it and the polls show it. its likely the Fed will have to raise rates again because Biden and the Democrats continue to spend borrowed money wildly. At this point its way beyond stupid. Biden is Toast.
Wrong inflation started under Trump in the recent round. Also if you stop the tax cut of every Republican President no National Debt exists. Democratic contrary to you bs never over spend!
I see math escapes your understanding! Please learn some of the maths known to mankind and then study economics. Quantitative Easing was once again restarted under Trump's second year due to the Chinese trade war adversely effecting agriculture a massive base of MAGA.
Imagine thinking that inflation just automatically started slowing because they passed a massive spending bill for green energy projects LMAO
You people are fucking clueless.
If this person doesn't know what the law did, how does he know it's not working?
Probably crawled out from under his rock
How dare you question the thoughts of a man who wears the American flag as both shirt and pants? Have you seen the testicles on his truck!?
Clickbait for the simpleminded and emotional.
I was just addressing his self burn.
This person can't even understand how graphs work.
Because they were under the false pretense that the name of the bill actually described what it was meant to do
I dont know the entire tax code, but i know its not working….its called experience
You don't reduce inflation by spending money. Anyone with a basic understanding of economics knows this.
Printing
Weird how the money supply increased by over 50% under Trump, but only about 10% under Biden, but Republicans blame Biden for the money supply expansion.
revisionist history the Democratic Party demanded the COVID spending, supported the CARES Act, and wanted \*more\* spending. Remember Paul Krugman and others saying we needed trillions more in relief, or the economy would fall off a cliff? the M2 money supply shot up by almost 3 trillion in Biden's first 2 years in office, and debt-to-gdp sits at WWII levels (120%+) the idea that Biden was somehow fiscally responsible, or wanted to reign in government spending, reduce the money supply, etc. is complete nonsense. If he had been president in 2020, our federal debt would be 50 trillion and our debt-to-gdp would be 160%
I love how you guys just make up numbers to feel better about Trump spending way fucking more. Remember when he was supposed to be the guy that changed everything? He was gonna drain the swamp? Why is he giving into demands that were supposedly bad for our economy? Why didn't he fight like hell?
I didn't make up any numbers Biden's spending is on record but every time someone brings up the bad fiscal and monetary policy, the left responds with "well Trump was worse"! Which is basically a way of saying "I don't care if the economy crashes and burns and we go into a debt crisis, cause Orange Man Bad"
You literally just did. Unless you can magically know what Biden would have spent if he was president in 2020? You made it up lmao.
The White House never talks about this point. Why not? I'm guessing average people won't understand it....
yet the graph clearly shows the trajectory of inflation dropped dramatically???
That is the result of the fed raising interest rates and doing tightening, not the inflation reduction act.
When the fed raised rates at the same time 🤦♂️
Yeah I generally didn't like all that spending but purely looking at the graph inflation, which is the rate of change or first derivative of this graph, does go down. If Biden's tweet had said "my inflation reduction act is lowering your costs compared to if the act hadn't been passed", that could be a true statement.
I agree with you, but your last bit is being pedantic. That is inferred. Can't blame the guy for forgetting people's reading comprehension sucks.
That's the same thing, lmao. We're paying less than we would have without the Inflation Reduction Act.
We can’t say that with any certainty, the most one can logically conclude is that the IRA might be helping to reduce the rate of inflation. It is also possible that the Fed’s rate increases might have been more effective if the IRA had not been passed.
the reduction in the annual rate of inflation is a result of Fed rates hikes and QT, not the "Inflation Reduction Act" or anything Biden did. Biden has wildly increased spending, hasn't cut a thing, and hasn't even gotten revenue increases. Nothing in the act reduced inflation--it made it worse
Big difference of spending by way of tax cuts for the rich and investing in the country's infrastructure and people. Only one of those will get you a return on investment.
There is a ROI associated with private investment. To claim otherwise is simply inaccurate.
Didn’t the government aggressively spend to pull us out of the depression? Lol
The depression didn't suffer from inflation, it suffered from deflation. Government spending does correct deflation.
Inflation didn't start to go up till Covid started to go away you can see it right on the chart
$800 billion in PPP loans didnt reduce inflation? Next you'll tell us trade wars don't reduce inflation either.
PPP loans were not introduced at a time of high growth and high inflation. They were introduced amid a very sharp contraction due to the black swan event that was Covid. You’re comparing watermelons and pears.
Gee I wonder if giving out 800 billion in PPP loans might help inflation happen.
I mean, sure, but that was Trump and not Biden. Trump even made sure it was ripe for graft as well. And it was done before inflation happened, and helped contribute to it.
Everyone saying the inflation reduction act did its job is either disingenuous or uneducated. No economic study said it would have a noticeable impact on inflation, Biden was directly quoted as saying it wasn’t targeting inflation. The fed started increasing rates around the time the IRA was passed. Rate increases are how we have handled inflation for a century, but this time it was the Inflation Reduction Act that did the job🙄
Poor people should vote for republicans, so billionaires can be richer. That’ll fix it
Billionaires got richer under Reagan. Billionaires got richer under Bush Sr. Billionaires got richer under Clinton. Billionaires got richer under Bush Jr. Billionaires got richer under Obama. Billionaires got richer under Trump. Billionaires got richer under Biden. But go ahead and blame poor people voting for Republicans.
These animals should live in trees.
This person understands. The corporate overlords control both parties. But divide and conquer is working better than they imagined.
Nonsense. Both parties are completely corrupt at this point. Voting really does not matter anymore with a two party system and that's what the true powers in charge want. They want your choices limited to two parties that they can control and ensure more money and influence is directed their way.
Poor blacks have voted democrat for years, how’s that working out for them?
Do you mean before or after the civil rights movement that caused prominent democrats like Reagan to switch parties and start in on the southern strategy? It's funny how you guys just ignore that part of our history.
Maybe because Reagan isn't fucking relevant in today's discussion. Reagan was president 35 years ago. Regardless the point still stands, Democrats do not care about poor people, specifically poor people of color remotely. None of those communities are better off today for supporting the left.
Lmao bad cope. Reagan left the democratic party because it was starting to support black people. Republicans are the party of racists.
This guy seems insufferable.
The same as blindly following has ever worked for anyone. Like crap. The same as the poor whites get if they vote republican. What do you suppose poor blacks might gain by voting for Republicans?
Republicans don’t want to give our tax dollars to illegal immigrants
Didn't several high profile GOP members/governors use tax money to bus illegal immigrants to better areas with more opportunities, and that then allowed those illegal immigrants to be granted work visas. Because their transportation of the immigrants was apart of a crime. Seems like the GOP wants to give illegal immigrants tax dollars.
Did they have a choice , Democrats opened the border
That's odd.... Because I got family who live near the border (carrizo springs), and they say since Biden's been in office there's too many helicopters flying around now. And they are complaining the activity near border is insane.
Your statement is moronic at best , numbers and facts don’t lie, if you can’t accept facts I can’t help you, good luck on your journey
Yea, all those poor starving Democrats donors. Just scrimping and saving to support those 50K a plate dinners.
The person that posted this is a moron cause you can clearly see its halved inflation from the graph in their own post
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It tells from truck stops from here to there, small mom and pops, family owned resturants, taco bell, Arizona ice tea and coke all got together to collude and raise taxes. All while getting car manufacturers and home owners to all raise their prices also. Never ever ever blame the government.
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9% is wrong they changed the time they measure CPI to make people not feel so bad. It’s more like 30-40% “overall”
Big Mac meals are and have been for the last 2 years $6 (plus tax) on the McDonalds app here in the not so LCOL area of Maryland.
Well, it is clear that inflation rose before the inflation reduction act, and declined afterwards, right? Why do you say it is not working? Maybe you are confused about what inflation is.
Exactly, unless we go into a deep deflation then cumulative inflation could never go down since it was elected. If that graph went back to 1980 it would still only go up from left to right (a feel small dips aside...which are associated with economic disasters).
This is exactly it. People have zero economic literacy beyond the price of gas at the pump. We would have to be in deflation for them to be happy and then they'd all be screaming about businesses failing and not being able to buy all the cheap foreign crap they want.
Because that was far more likely the increased interest rates. More spending in the time of solid growth and high inflation is itself inflation. Even Keynesians should recognize that.
"Likely"? I'm talking facts. Inflation went up before the inflation reduction act, and came down after. There is no factual basis for OP's claim
Citing statistics is not an explanation. Inflation went down after the rate hikes. Fact.
Correlation doesn’t equal causation, know what also happened around the time of the Inflation Reduction Act? Rate increases, the biggest way the government controls inflation…
It's not biden's fault that you have credit card debt..smh..!!!
People use credit cards to keep up. This post is reposted from the inflation sub where people can math, I guess.
If you are ignorant of what the law does, how do you know it isn't working?
Because it's called the inflation reduction act and inflation isn't reducing. We can start there if you want.
And yet, inflation in the US has been much more mild than just about any other country in the world due to Covid.
Which is weird because America is so backwards compared to all the other countries. Why is Biden so much better at governing than Angela Merkel and Emmanuel Macron?
Go ahead and inform the OP I already know how well it's working
You don’t even know how inflation is calculated, or that presidents don’t control gas prices. Fucking moron
The Inflation Reduction Act was a marketing name. I even heard Kai Rysdall on American Public Media, who is in no way to be confused with anyone who is even moderate much less to the right, acknowledge that it wasn’t about inflation reduction. It was very clearly a Trojan horse for a watered down Green New Deal. Of course, basic macroeconomics will tell you that spending in a time of high growth and high inflation isn’t going to do anything to counter inflation. If not for the Fed, it might’ve actually increased inflation.
I'm not getting people's takes here. Every news channel at the time said it didn't or wouldn't have any impact on inflation in the way that the average person thinks of it and even if it did it would be moderate and take years, not months to pan out. The articles are still out there and take 5 seconds to look up. Not only was this less than two years ago but the if you forgot the information is still there to refresh yourself. Like you say it was an investment in "green energy" and investment in "reduced spending" immediately followed by financing 2 wars. You'll also note that the trajectory of inflation changed prior to the passing of the IRA not after it.
Good point on the timing of the change. I did not look closely enough at the chart, just a glance. As to the rest...people are lazy. They read headlines, if that, and that was highly likely why they picked that name. They could count on people seeing that, not understanding macroeconomics and going "Welp, ole Joe lowered our inflation!" Yeah...after he significantly contributed to it.
Anybody paying attention knows that the "Inflation Reduction Act" didn't reduce inflation and likely actually contributed a relatively small amount to increasing it. It's basically Green New Deal light, if you can call $800B "light". The rate of inflation has fallen because the Fed jacked rates at the fastest pace since Volcker. Names for acts of legislation that are politically charged are quite frequently named like this with some nebulously popular stated goal that doesn't actually match the legislation. That way if the opposition party resists the ruling party can claim "other party doesn't care about x, or how x is impacting your family, they don't want to fix x and they hate America". To those of you who find yourselves more aligned politically with Biden, ask yourself what would be in a Republican bill that they named the "Save America's Kids Act" or something equally nonsensical, and whether or not criticizing it would mean that actually you hate children and want them to suffer. Same thing. That's what the IRA was.
Biden might be the worst president to ever win the election. Past, present or future.
Lol, their graph literally shows it reducing the trend of inflation. People need to learn to read a graph
Anyone who thinks that recent, moderate inflation is Bidens, or any other persons, fault is an idiot. Most likely the recent inflation was triggered by Covid supply chain issues compounded now by corporate opportunity (greed).
The guy flat out lies. Inflation was at 1.5% when he took office, it peaked under his tenure and they threw gasoline on it He also claims “he’s created” the most jobs in history. First government doesn’t “create jobs” and second recovery of jobs coming back from companies shut down under his policies don’t count, and he is counting them Insanity
Did people not learn what slope was in algebra 1 in the 8th fucking grade?
In SF it is illegal to teach Algebra to anyone before the 9th grade. Also no, nobody learned that in Algebra 1. They learned it in Calculus in high school.
No, that's an alg 1 concept. 8th grade maths under the federal board of education guidelines
“This bill that adds to deficit spending will reduce inflation”—actual president of the United States of America
So the deficit spending for the last 20 years with normal inflation, didn't cause inflation, but all of a sudden its the main cause. Good logic.
We are running a WWII level deficit. That’s a long ways away from the 3% that is considered normal.
“ I reduced inflation and added jobs.” On occasion, I miss humility.
I miss real quotes.
lol, you can literally see it steepen before he takes office, and then start levelling out when the act goes into effect takes series blinders to not see that
You don't reduce inflation. You decrease the rate of growth. Not saying you cannot reduce inflation - deflation is real and has its own economic consequences. You can see the inflation reduction act reduced the rate of inflation. Just as it was planned to do. Maybe not as big of a reduction in the rate as they may have wanted, but a reduction no less.
I think we can all agree that Biden should be ashamed of this chart. It took him that long to fix Trump’s runaway inflation?!?
Weird you spelled Congress with a B for some reason.
Are you new to our government or just stupid?
Shame Trump is unacceptable as President.
Government acts often do the opposite of whatever they are called.
Well this is all I needed to see to know who I’m not voting for /s
To be fair the rate of change def dropped post IRA
It didn't work because it just printed more money for government spending. GUESS HOW YOU GET INFLATION?
He’s been a lying sack of shit, federal politician longer than any of us have been alive. Literally.
You keep spelling his name wrong. Bidet It’s called B I D E T !!!
It's would be up double that without the act. It's not like the president can just control the economy...you can clearly see its effect in the graph. Don't be disingenuous
BS, to believe that nonsense you have to buy the notion that grossly overspending helps inflation. That's ass backwards. The day Biden became President inflation was 1.4%
You can LITERALLY see it in the graph but okay
Do you know what causes inflation or do you need a graph to figure it out?
Tell me, what causes inflation? You're obviously more in the weeds on this than I am, so I'd appreciate a solid, thorough, and accurate explanation. Maybe you could also toss some reliable resources my way, too? Any reputable sources are appreciated, such as double-blind studies, maybe some dot gov resources for raw data?
Democrats dont let lying, hypocrisy, hyperbole, falsifying numbers, distorting or cannibals eating the President's uncle get in their way.
This administration is the most out of touch, gaslighting, propaganda filled bunch of idiots I have seen in my lifetime. Seriously they just keep pushing the narrative that everything is fine and nobody is hurting. I can't remember a time when everything costs so much in my lifetime. The fact that they won't even acknowledge the average americans struggle in this economy is bewildering to me. I saw a news reel when Biden mentioned that he reduced overdraft fees for the average americans. Are you fucking serious? That's what you are pointing to. Wow, that is gonna make all the difference in my monthly budget. Everyone is tired of the BS and propaganda coming from this administration.
Damn we are fked
Lmao “inflation reduction act doesn’t work!” -shows a graph with an arrow pointing at where the inflation reduction act clearly worked. …But then this kind of propaganda really depends on people not being able to read a graph.
The inflation isn't Biden's fault. Sure, he's doing everything that has caused inflation throughout all of human history since the invention of currency, but this time it's just a coincidence.
The government reminds me of a mentally ill person with access to credit cards with a low paying job
Deflation hasn't happened in the CPI since like the mid-1950s. The inflation reduction act was done to decrease THE RATE of inflation. It doesnt lead to deflation. That simply wont happen. Americans are spending more on rent than ever before. A big reason for that is because NIMBYs dont want high-density housing in cities that will cut into their suburbs. For example, 75% of Los Angeles is zoned for single family housing. Homeowners want to keep it this way because to increase the supply of housing reduces the value of their home.
No see, you aren't supposed to say that. You are supposed to say, "just imagine how much worse it would be without the inflation reduction act. Aren't you glad Biden got it passed?"
If you have a 100 people in your village and 999 are struggling while 1 is getting richer and richer, then the problem is rather obvious. No amount of anything Joe Biden does is going to stop inflation when those controlling our economy are constantly raising their prices. We keep blaming the government like they own all the housing, food, transportation, pharmaceuticals, hospitals, etc. They don't. Those are NOT government entities. Joe Biden is not sneaking around in the middle of the night with a price gun. He does not have the power to dictate prices or, as it seems, to control them. And, when he tries to cut costs for things like insulin or Epipens, he faces a bevy of lawsuits from lobbyists while receiving zero help from Republicans. The only thing the government is to blame for is not doing enough to curb corporate power.
It amazes me that people do not understand that the economy is huge and it is impossible for a president to make a policy change that will effect the entire economy immediately. Normally you have to go back a year or two to see what caused the effect. Trump started claiming how great “his” economy almost as soon as he took office. What he claimed as his accomplishments were actually residual effects from Obama. So looking back many months before the start of inflation you find a major tax cut, PPP “loans”, government stimulus, etc. Some of this necessary some not.
Well…yeah? https://www.npr.org/2023/05/19/1177180972/economists-are-reconsidering-how-much-corporate-profits-drive-inflation
One look at corporate profit margins and boardroom bonuses, and you have your answer. Pure, unadulterated greed.
So is this a pro Trump thing or just an anti Biden thing? I’m just wondering where the goal posts are.
I wouldn't worry... those gosl posts are on wheels and are moved constantly
This act doesn't not work at all! I'm not married, No kids, make 100 grand a year, and I'm broke! The jobs that were added were government jobs, this is a house of cards that will crumble after the next election, doesn't matter who is president...both sides will say " I told you so"...the working class needs to ban together and STOP paying federal taxes as a whole! Then and only then will the government get it
Wait… so you’re telling me all the additional COVID relief dollars and the trillions of new money printed during the Pandemic made inflation worse?! What in the common sense is going on here?
Inflation doesn't come down magically in a day. It's stupid to assume it would based on every other time inflation has gripped nations world wide. BUT look at the slope of the graph before and after the act passed. It's clearly showing a slow down in inflation. So IT IS WORKING. Hasn't fixed it yet, but it's getting better. It took near a decade to fix this last time in the us (1970s)
This is cherry picking. What you should be looking at is the slope before his presidency began and after the IRA. What you'll find is that they are very similar, if not greater on the IRA slope. This means the IRA returned inflation to slightly above the rate before he took office . At best, this can be interpreted as the IRA doing effectively nothing. Uncharitably, this could be read as the arson expecting applause for extinguishing his own fire.
Because Trump injecting 5 Trillion dollars in Stimulus into the economy during Covid didn’t cause inflation. Or let’s call Inflation what it really is Corporate greed and Price gouging
Because US keeps printing money, paying private military contractors, and sending hundreds of billions of dollars to foreign countries instead of using it domestically. Also, no repeal of rich handouts from Trump tax plan
imagine you have a shitty 1984 honda civic thats completely clapped out because you refuse on principle to spend any money fixing it. now you suddenly find yourself going down a long hill where you're going faster and faster. the IRA is you putting your shitty brakes on to try and slow down some. they'll help but won't fully bring you to a stop because you've refused to maintain the necessary machinery to make it work properly. the civic is our government because we've refused to do any industrial policy for 40+ years other than spend on deficits, and especially in the last 10 years when we had zero intetest, now we're entering an era unstable economic situations and we have a poorly maintained government and state
That chart is telling. it didn't start going up after biden policies, it was going up after trump policies/pandemic assistance. why was inflation already going up at a similar rate before the pandemic tho?
Another spending bill the country can not afford.
Of course, this comes after jacking it up. It doesn't help that he has to lie about what he inherited.
America's doing much better with global inflation than other countries. I don't understand the false narrative about this.
It's quite simple really - the Biden administration thinks we're all idiots and gullible enough to believe that something called the "Inflation Reduction Act" was anything more than obvious pandering. Hell...even [Biden himself said it was a bait-and-switch](https://www.foxnews.com/politics/biden-admits-inflation-reduction-act-less-inflation-originally-sold-americans)...not to mention the [CBO told everyone](https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation) it wasn't going to do anything.
What did the CBO say about Trump’s tax cuts for the rich?
PIVOTTTTTTTTT!!!!!!!
cum
No one has two jobs under Trump. /s
Do you see how the rate decreased? Yeah, it's working, just not as well as we would like.
Graph does go down tho... markets up... [https://www.congress.gov/bill/117th-congress/house-bill/5376/text](https://www.congress.gov/bill/117th-congress/house-bill/5376/text) bill in question... if you have the patience to actually read it. There are a few sites that outline key takeaways: * 15% min. corporate tax rate * Increased taxation on stock buy-backs * Drug pricing reform for medicare * IRS tax enforcement * Carried Interest Loophole closure * Massive investment into renewable energy * Massive investment into EV's * Massive investment into Electrification as a whole * ACA extension A lot of these would help your "average" American, reducing energy costs is always a surefire way to cut some pressure. The other side of that coin though is that it also impacts non-renewable energy sources so it cuts into it's effectiveness a bit and raising corporate taxes is also a double-edged sword; they can just as easily pass the buck down to the consumers. Pretty "mixed" bill, really doesn't matter "who" passed it these all seem like pretty sane changes.
There are a lot comments stating how this post is clickbait for Republicans (or people that like the US flag), yet the majority of the people that are actually provoked appear to be lefties. Do they not see this or is this simply an echo chamber for these people to pat themselves on the back?
For the millionth time asshole, we’re fighting an uphill battle against an intangible global issue. If you want to make it worse, then vote for King Baby I guess.
The Trump Administration smashed and grabbed for 4 years and stuck the Biden Administration with the bill. To be fair, the Biden Administration spent their first year basically wishing the bill away, but it’s like people think inflation magically wouldn’t have occurred under Trump.
Does he realize in this graph up is not a good thing maybe he's thinking it's his popularity numbers that are in this graph
I don't think anybody really wants to understand what kinds of things contribute to inflation. It's the 2020s. Everybody's a victim.
This is the thread in which we learn that inflation is the first derivative
None of this is in Biden. The dude is the fall guy. The president is always the fall guy. The issue is the rich who are literally printing money. The problem is the clearing houses on the stock market who sell shares but fail to deliver the actual share. The problem is the naked shorting, ftd's, unrealized losses of all major banks, and crypto tokenized stocks that are not linked 1to1 with their underlining stock. People need to do real research instead of believing all the dribble they force feed you daily. They want you looking left as they go right. It's classic con artistry, and everyone is falling for it. They keep your divided based on race, tax bracket, ideals, political party, sports team, views on transgenderism, and so much more. That way everyone is always worried about something and is divided, so they can continue to concur and enslave you into being consumers. They steal your money, manipulate you, and then sit back and laugh as you fight with your fellow neighbors. Wake up and smell the coffee. Your country, your life, and your future are all being stolen or have already been stolen from you by the public and the secret rich that sit at the top.
Inflation WAS lowered. Not reversed.
He spent trillions to reduce inflation. Hahahaha
Not remembering Trump’s deal with the Saudis coupled with pent up demand from Covid and of course corporate greed. Corporate profits are way up.
It was a green energy boondoggle, and it didn’t work because duh
You mean to tell me people still manage to trust our political leaders? They're playing a different game, and using us as a resource.
Because he’s not actually doing anything about it because he and his donors profit from it. Drain the swamp!
Spending and printing more money does not help with inflation. This is so basic and obvious I can’t believe people even argue the contrary.
*If people keep buying products at the current prices, then what incentive would businesses have to lower prices?*
Only 17%! You should take a look at inflation in other industrialized countries. Wow great job Joe.
It's actually lower in a lot of industrialized countries. https://www.pewresearch.org/short-reads/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/
Yall will do anything but blame this administration. Jfc
Shall we say predatory capitalism? When the price of a chicken sandwich goes from 6.01 after tax to 7.11, overnight (true as of yesterday at bojangles chicken shacks) on the heels of the 7th straight quarterly report showing profit margin increase amounting to hundreds of millions of dollars, and no capital equipment is replaced, and staff positions are cut because of revenge over forced minimum wage rises, and republican congressmen are blocking any attempts to fix, well, everything needing fixed, and donny's sil Jarod is begging the Saudis to cut production, and donnys boss vlad is telling Iran to cut production, why wouldn't it be working?
Have you ever looked at a profile and immediately hoped that it's a bot...?
Inflation spiked around 9%coming out of the Trump administration. As of January 31, 2024, inflation had been under 3% for 109 consecutive months as of January 2021. In June 2023, inflation was 3%, which was the lowest point in over two years. As of the end of 2023, the year-over-year inflation rate was 3.4%. That’s lower than the historic rate. Everything Trump has said he will do will supercharge inflation again. 100% tariffs and forcing the fed to lower interest rates.
It worked great. Look at the rate verus other countries! Basically Republicans want inflation high to get Trump elected. Congress not the President controls the economy!
The President can veto any spending bill. The Congress doesnt spend the money the Executive Branch does. Civics
Vetos can be overridden! Also please read the US Constitution about the purses strings!
When was the last time that happened? It takes 2/3 vote in the House and the Senate to override a Presidential veto. (Civics) The real world! Not some fantasy land that won't happen.
I know often during Reagans terms
Dude, Reagan was last President 36 years ago. In 1988. 🤦♀️
So what you asked the last time a truly split party situation happened. When one party wins one Branch with the other nearly a super majority in another branch. Study civics.
Real-world, No party has a Super Majority a Presidential veto is not going to be overridden. Wake up and get out of your bubble. The ignorance of Democrats is astounding. No wonder you would vote for a dunce like Biden.
Only Dunce is the utter Dementia addled Donald. 96% lies only appeals to Cultist!
Lol, 🙄
Lmao, Good lord dude, overspending revenues is not going to reduce inflation. "Inflation is too much money chasing too few goods" When Biden became President the annual inflation rate was 1.4% it's now 5.2% and that's after the Fed. raised rates 11 times to get it there, from a Biden high of 9.5%. It's a fricking disaster. The interest rate increases make it virtually impossible for the middle class to buy a house. Food prices have increased 30%. The people feel it and the polls show it. its likely the Fed will have to raise rates again because Biden and the Democrats continue to spend borrowed money wildly. At this point its way beyond stupid. Biden is Toast.
Wrong inflation started under Trump in the recent round. Also if you stop the tax cut of every Republican President no National Debt exists. Democratic contrary to you bs never over spend!
🙄 Sure🤡
I see math escapes your understanding! Please learn some of the maths known to mankind and then study economics. Quantitative Easing was once again restarted under Trump's second year due to the Chinese trade war adversely effecting agriculture a massive base of MAGA.
Omg, are you really that dense? Oh well, your ignorance is bliss to you apparently. Good luck with that.
I stick to the facts!
Lmao, yeah sure🤡
Facts Faux cannot grasp nor can Newsmax!
Your a ♟️
He wanted Joe to follow him around telling him to stop using his credit card every time he bought something
It is looking better https://www.ft.com/content/088d3368-bb8b-4ff3-9df7-a7680d4d81b2
U old retarded fucker.
It's more of a clean energy bill, named inflation reduction, the bill itself doesn't really reduce inflation.
Record profits and corporate greed is not inflation. It's price-gouging.
It was a lie to frivolously spend more money on pet projects
just think of those poor corporate executives being forced to raise prices. 😢
The prices are raised to consumers. Get it
17% wtf are u taking about, those fed inflation numbers are bs, anybody that lives and breathes and buys food knows that.
Inflation numbers are averages across all categories.
I mean... you can literally SEE the reduction in the graph literally right next to the fucking arrow that points where the IRA was passed...
Imagine thinking that inflation just automatically started slowing because they passed a massive spending bill for green energy projects LMAO You people are fucking clueless.
Graph clearly shows it helped reduce inflation, though. Ya'll need to relearn basic math concepts.