dajo9 said:calbear93 said:OsoDorado said:Fact check: "the market" reached an all-time high under Trump "after COVID", i.e., after the initial collapse in March 2020 -- and continued rising under Biden.calbear93 said:OsoDorado said:calbear93 said:
Did you miss the point where I wrote that the only person worse than Biden was Trump on hiring staff and cabinet?
Results!
If your favorite Republican had Biden's record so far, what would your complaint be?
What record? And when the market was booming and economy was improving with low inflation before COVID, the response here was that the White House had little control and therefore Trump does not get credit. If you asked most people if their quality of life was better four years ago before COVID , most would say yes.
This platitude about only mentioning Trump's record "pre-COVID" is supposed to make it look better than the entire 4 years, but the fact is that Biden and his team created more new jobs in his first 2 years than Trump and his team of amateurs did "Pre-COVID".
When I speak about "Biden's record so far," I'm referring mainly to his legislative record during his first two years when Democrats controlled the House, but also to the sanity and stability his administration has brought to foreign policy.
You didn't detail your complaints about Biden's record, instead choosing to dismiss it as non-existent ("What record?"). Rather than list his accomplishments myself, here's a link to the White House's account:
https://www.whitehouse.gov/therecord/
Once again, please cite your specific complaints with the record, and then tell me why you won't vote for Biden (and his team) over Trump ....
Do you really believe this nonsense?
The first thing on that page. Lowering cost every day for Americans with reference to the Inflation Reduction Act. After years of going against all common sense and liberals like Dajo claiming that deficit spending and printing money does not create inflation because the demand for our debt, we had the highest rate of inflation in two decades. Sure - let's do more deficit spending in the midst of a supply chain and labor constraint while our Secretary of Transportation goes on paternity leave. What could go wrong?
And the job market created low paying jobs. Most companies restructured and eliminated meaningful percentage of high paying white collar and middle management. CFO confidence rate is slightly down or flat. Didn't most of gains come from leisure and hospitality? Where have bookings and PMI been the last two years? Backlog? What are the household debt trends? Didn't debt spike the last few years going over $17 trillion for US households with rising interest rate? Just out of curiosity, what do you do? Most folks I talk to are seeing indications of a slightly tough economic situations, from CFOs and sell-side analysts, expecting tougher economic conditions in 2024.
And bragging about opening schools? How shameless. Who promoted keeping schools closed as long as they did? Who continues to support the teachers union who wanted to shut down even longer? Yes, let's take this White House's account for their accomplishment as gospel.
And stability in foreign affairs. Great. Nothing to see here in Afghanistan, Ukraine, Israel. No deterioration of relations in Middle East, China, or South America. Deals with Iran to bring them more to our side. That worked well because they were always looking to be reasonable. All peachy. Thank goodness for the stability in foreign affairs brought by this administration. Geopolitical situations have never been better.
You must have nothing to worry about. With so much accomplishment and competence, all non-MAGA conservatives like me and all suburban college educated folks like us will flock to vote for Biden. You got the independent votes who will always decide elections. Just ignore earning release and 10-Ks and 10-Qs. Trust the White House page on their accomplishments.
You got this election in the bag.
I'm surprised to see you arguing deficits cause inflation after 40 of years of history in which deficits went up and inflation went down. Time to move past failed textbooks.
In 2021 you argued that supply shocks would cause inflation and now you are attributing that inflation to deficits. The supply side shutdown combined with Federal cash giveaways to average people triggered inflation (two sides of the same coin really). I was wrong in that I didn't think the cash giveaways in that environment would trigger inflation but it is wrong to have the takeaway from the experience that "deficits" in general cause inflation.
Undertaxing the rich is not going to cause consumer inflation (they will buy assets and drive down interest rates - simple supply and demand). Bloated defense contracts are not going to cause inflation in our diverse economy. Inefficient and expensive health care service costs are not going to cause widespread inflation. A supply side economy that pushes the middle class to the margins is not going to have an inflation problem.
I think you are wrong as always. Deficit SPENDING (not deficit itself) in the midst of a supply shock (which those who were speaking with leaders saw ahead of time while twitter followers here were mocking my prediction on inflation and supply chain shortages and writing gotcha gibberish) will throw gas into a flame. When you have less supply and you artificially generate demand, guess what happens to pricing as more people fight for limit supply? None of the great staff at the WH who were claiming no concerns of inflation saw that when sale side analysts at top banks were shaking their heads. Many things generate demand, from loose monetary policy with cheap cash and deficit SPENDING (from government to consumer). When there is less supply, you try to reduce demand or increase supply. You don't ARTIFICIALLY generate demand, especially after consumers had increased saving from overly generous giveaway during COVID where savings from government handouts increased pent up demand and excess savings. Basic into to Econ supply and demand and pricing impact.
For you, it's binary. But supply shock and excess deficit spending (which is potentially positive when demand is needed and debt profile is cleaner but not when you have too little supply that will require interest rate increase while issuing more debt) are not mutually exclusive.
