Republicans Have No Plan to Fix Inflation

[kaz]

Thanks for adding a bit of real truth to this thread that had degenerated into a political quagmire. The fact is neither Biden nor any president can do much to stop inflation. Government spending certainly increases the money supply which is inflationary. However, the Fed has the tools to control that expansion which unfortunately did not happen.

When Trump took office, GDP growth had been running 1.5% to 2%. Hoping to delivery on campaign promises, he appointed Powell Chairman of Federal Reserve because he new he would lower interest rates which he did, 2.5% to .25% which where the rates were up till about 4 months ago.

The biggest mistake Biden made in regard to inflation was nominating Trump's fed chairman who was quick to cut interest rates and slow to increase them. Anyone that knows anything about economics could see that by summer of 2021 inflation was getting out of control as the demand for goods and services were rising rapidly. Yet Powell kept the federate rate at .25% till inflation had reached nearly 7% in 2022.

The most powerful tool a president has to fight inflation is appointment of the Chairman and governors of the Federal Reserve because the FED controls the money supply and money determines how fast the economy can expand.

United States Fed Funds Interest Rate

The benchmark interest rate in the United States was last recorded at 5.50 percent. This page provides the latest reported value for - United States Fed Funds Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus...

tradingeconomics.com

United States Inflation Rate

Inflation Rate in the United States decreased to 3.40 percent in April from 3.50 percent in March of 2024. This page provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

So as an economic expert, you're advising that we could have spent Biden's trillions just fine if they had raised interest rates earlier, LOL. What a dumb ass, LOL.

You obviously have zero business education and experience, you're your lecturing people who do on that why? What do you do for a living? I'm going to lecture you on it

 

[kaz]

Amen. Well said. Thanks.

Lefty and lefty with your noses in each other's asses

 

[IM2]

Lefty and lefty with your noses in each other's asses

Truth and fact. The enemy of the right.

 

[kaz]

Truth and fact. The enemy of the right.

Butt fucking each other, past time of the left ...

 

[Flopper]

My God you're stupid. We want to drill IN THE UNITED STATES you brainless boob. How do you POSSIBLY not know that? How many fucking times were you dropped on your head as a baby anyway, moron?

Drilling every acre of federal land would not make any difference in todays gasoline prices. It takes time and money for exploration, getting funds, drilling wells, building pipelines and storage, typically 18 to 24 mos or more. However, before any of that begins, oil companies have to be interested in leasing federal land and putting down wells which has not has been the case during the Trump or Biden administration. There are vast amounts of land available in places like the Rockies where the breakeven point is about $80 to $90 a barrel thus oil companies have little interest. Most of the land leased under the Trump administration still has no wells on it. The fact is only about 6% of our oil comes from federal land probably because most our reserves are on private land.

Oil companies do not drill wells to make American energy independent. They drill well to make money.

 

[Flopper]

Veggie Joe "inherited a mess"? Inflation was 1.6%, avg gas price was $2.39. Covid was under control and the country was opening back up.

What was this "mess" IM2

No Biden didn't inherit inflation he inherited a pandemic which as America came out of lead to a huge demand for goods and services which was the primary driver of inflation. And before we recovered, there was high gas prices due to Congressional legislation banning Russian oil introduce by republicans and backed by both parties and the American people.

 

[Flopper]

1. Stop lying. the truth shall set you free. Biden took office in 2021, AFTER the pandemic shutdown was OVER.
View attachment 660026

2. If you want to look at the disasters Xiden and the democrats caused, the list is long and catastrophic:
Everything Xiden, aka “poopy pants” touches turns to shit
How about showering with his daughter Ashley? How fucked-up is that?
The Brits hold him in CONTEMPT for abandoning AFG
The French pulled their ambassador for abandoning AFG
He pissed off the Canadians by killing the KeystoneXL pipeline, that’s 500,000 bbls a day he killed.
Xiden sold us out by approving the Nord Stream 2 pipeline giving Putin cash to modernize his military and invade Ukraine, and his “war on energy” keeps fuel costs high. That's why Xiden is "Putin's Whore".
Hope he enjoys the $3,500,000 the Moscow Mayor's wife sent Hunter
Hope he enjoys the $1,500,000,000 that China gave Hunter to "invest"
Open borders is a catastrophe. Trump had it SOLVED. Now its infected migrants & fentanyl sent all over
Runaway inflation would get worse if the dems pass their "BBB" bill. That will be Solyndra on steroids, not to mention the $200,000,000 for Nancy’s park in San Francisco.
Xiden is ruining the US energy sector with his stupid EOs, he wants Russia to pump more oil?? WTF?
Xiden is so dumb he can't even do fake press conferences to answer "ice cream" questions.
Xiden is a gaffe machine, his brain is defective, and he has the nuclear football, WTF???
Xiden surrendered AFG leaving Americans, $billions of equipment, and interpreters to be slaughtered
Xiden’s DOJ sent the FBI after parents (aka domestic terrorists) who dare to ask questions at school board meetings.
China just passed the US out with their new hypersonic missile.
Stupid Joe wants to pay MIGRANTS $450,000 for breaking US immigration LAWS??????
After promising we would have more than enough Covid testing kits, Joe LIED and FAILED.
Xiden killed Israel’s EastMed gas pipeline to sell gas to the EU, Putin’s whore strikes again.
Xiden killed the development of ANWR, but he’s begging Putin to pump more oil???
Xiden’s “war on energy” is pushing gas and diesel to unaffordable levels, causing “runaway inflation”.
Xiden is letting RUSSIA negotiate the new IRAN agreement???? WTF!!!!!!
Xiden is giving baby formula to migrants when American babies can’t get formula????
I could go on and on, but you see Trump was at least 1,000,000x better as president than stupid Joe

The United States started 2021 with the deadliest month of the coronavirus pandemic to date. January’s death toll has already surpassed the previous record number of fatalities set in December, when over 77,400 people in the U.S. died of Covid-19, according to data compiled by Johns Hopkins University. Vaccines had been develop but mass inoculations had not begun. America's primary trading partners were worst off than we were. Bans existed on foreign travel, and restrictions and bans on daily activity existed throughout the country.

U.S. reports record number of Covid deaths in January as new strains threaten progress

President Joe Biden is working to ramp up the rollout of the Covid-19 vaccines, blaming the initially slow pace on the Trump administration.

www.cnbc.com

 

[Wickerthing]

No Biden didn't inherit inflation he inherited a pandemic which as America came out of lead to a huge demand for goods and services which was the primary driver of inflation. And before we recovered, there was high gas prices due to Congressional legislation banning Russian oil introduce by republicans and backed by both parties and the American people.

Thank You! A shot of truth is a welcome picker-upper after the constant array of lies.

 

[kaz]

Drilling every acre of federal land would not make any difference in todays gasoline prices

Typical Democrat, never plan for the future. If it doesn't help you today than as you literally just said you don't care. Not interested in planning for the future, huh? That's how we got here, Biden and Pelosi aren't either, their motto is live for today, like yours.

You're wrong of course, but if you started only talking about things you know what the fuck you're talking about then you'd go totally silent

 

[Wickerthing]

HOW DID THE REAGAN TAX CUTS AFFECT THE U.S. TREASURY?​

Many critics of reducing taxes claim that the Reagan tax cuts drained the U.S. Treasury. The reality is that federal revenues increased significantly between 1980 and 1990:

• Total federal revenues doubled from just over $517 billion in 1980 to more than $1 trillion in 1990. In constant inflation-adjusted dollars, this was a 28 percent increase in revenue.3
• As a percentage of the gross domestic product (GDP), federal revenues declined only slightly from 18.9 percent in 1980 to 18 percent in 1990.4
• Revenues from individual income taxes climbed from just over $244 billion in 1980 to nearly $467 billion in 1990.5 In inflation-adjusted dollars, this amounts to a 25 percent increase.

HOW DID REAGAN'S POLICIES AFFECT FEDERAL SPENDING?​

Although critics continue to focus on President Reagan's budget "cuts," federal spending rose significantly during the 1980s:

• Federal spending more than doubled, growing from almost $591 billion in 1980 to $1.25 trillion in 1990. In constant inflation-adjusted dollars, this was an increase of 35.8 percent.6
• As a percentage of GDP, federal expenditures grew slightly from 21.6 percent in 1980 to 21.8 percent in 1990.7
• Contrary to popular myth, while inflation-adjusted defense spending increased by 50 percent between 1980 and 1989, it was curtailed when the Cold War ended and fell by 15 percent between 1989 and 1993. However, means-tested entitlements, which do not include Social Security or Medicare, rose by over 102 percent between 1980 and 1993, and they have continued climbing ever since.8
• Total spending on all national security programs never equaled domestic spending, even when Social Security, Medicare, and net interest are excluded from domestic totals. In addition, national security spending fell during the Administration of the senior President Bush, while domestic spending increased in both mandatory and discretionary accounts.9 (See Chart 1.)

HOW DID REAGAN'S POLICIES AFFECT ECONOMIC GROWTH?​

Despite the steep recession in 1982--brought on by tight money policies that were instituted to squeeze out the historic inflation level of the late 1970s--by 1983, the Reagan policies of reducing taxes, spending, regulation, and inflation were in place. The result was unprecedented economic growth:

• This economic boom lasted 92 months without a recession, from November 1982 to July 1990, the longest period of sustained growth during peacetime and the second-longest period of sustained growth in U.S. history. The growth in the economy lasted more than twice as long as the average period of expansions since World War II.10
• The American economy grew by about one-third in real inflation-adjusted terms. This was the equivalent of adding the entire economy of East and West Germany or two-thirds of Japan's economy to the U.S. economy.11
• From 1950 to 1973, real economic growth in the U.S. economy averaged 3.6 percent per year. From 1973 to 1982, it averaged only 1.6 percent. The Reagan economic boom restored the more usual growth rate as the economy averaged 3.5 percent in real growth from the beginning of 1983 to the end of 1990.12

HOW DID REAGAN'S POLICIES AFFECT THE FEDERAL TAX BURDEN?​

Perhaps the greatest myth concerning the 1980s is that Ronald Reagan slashed taxes so dramatically for the rich that they no longer have paid their fair share. The flaw in this myth is that it mixes tax rates with taxes actually paid and ignores the real trend of taxation:

• In 1991, after the Reagan rate cuts were well in place, the top 1 percent of taxpayers in income paid 25 percent of all income taxes; the top 5 percent paid 43 percent; and the bottom 50 percent paid only 5 percent.13 To suggest that this distribution is unfair because it is too easy on upper-income groups is nothing less than absurd.
• The proportion of total income taxes paid by the top 1 percent rose sharply under President Reagan, from 18 percent in 1981 to 28 percent in 1988.14
• Average effective income tax rates were cut even more for lower-income groups than for higher-income groups. While the average effective tax rate for the top 1 percent fell by 30 percent between 1980 and 1992, and by 35 percent for the top 20 percent of income earners, it fell by 44 percent for the second-highest quintile, 46 percent for the middle quintile, 64 percent for the second-lowest quintile, and 263 percent for the bottom quintile.15
• These reductions for the lowest-income groups were so large because President Reagan doubled the personal exemption, increased the standard deduction, and tripled the earned income tax credit (EITC), which provides net cash for single-parent families with children at the lowest income levels. These changes eliminated income tax liability altogether for over 4 million lower-income families.16

Critics often add in the Social Security payroll tax and argue that the total federal tax burden shifted more to lower-income groups and away from upper-income groups; but President Reagan's changes were in the income tax, not in the Social Security payroll tax. The payroll tax was imposed by proponents of big government over the past 50 years, and it is they, not Ronald Reagan, who should be held accountable for its distributional effects.

Nevertheless, even if one counts the Social Security payroll tax, the share of total federal taxes increased between 1980 and 1989 for the following groups:

• For the top 1 percent of taxpayers, from 12.9 percent in 1980 to 15.4 percent in 1989;
• For the top 5 percent of taxpayers, from 27.3 percent in 1980 to 30.4 percent in 1989; and
• For the top 20 percent of taxpayers, from 56.1 percent in 1980 to 58.6 percent in 1989.

On the other hand, the share of total federal taxes, if one includes the Social Security payroll tax, declined for four groups:

• For the second-highest 20 percent of taxpayers, from 22.2 percent in 1980 to 20.8 percent in 1989;
• For the middle 20 percent of taxpayers, from 13.2 percent in 1980 to 12.5 percent in 1989;
• For the second-lowest 20 percent of taxpayers, from 6.9 percent in 1980 to 6.4 percent in 1989; and
• For the lowest 20 percent of taxpayers, from 1.6 percent in 1980 to 1.5 percent in 1989.17

CONCLUSION​

No matter how advocates of big government try to rewrite history, Ronald Reagan's record of fiscal responsibility continues to stand as the most successful economic policy of the 20th century. His tax reforms triggered an economic expansion that continues to this day. His investments in national security ended the Cold War and made possible the subsequent defense spending reductions that are largely responsible for the current federal surpluses. His efforts to restrain the expansion of federal government helped to limit the growth of domestic spending.

If Reagan's critics had been willing to work with him to limit domestic spending even further and to control the growth of entitlements, the budget would have been balanced five to ten years sooner and without the massive tax increase imposed in 1993. Today, Members of Congress from across the political spectrum should stand on the evidence and defend the Reagan record.

To the extent that President Bush's proposals mirror those of Ronald Reagan, his plan should be a welcome strategy to lower the tax burden on Americans and to make the system more responsible. If the advocates of big government in Congress cooperate with President Bush rather than merely continuing to fund obsolete, wasteful, and redundant programs, there is no limit to the prosperity that Americans can generate.

Peter Sperry is the Grover M. Hermann Fellow in Federal Budgetary Affairs in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation.

Again, check your sources. The Heritage Foundation is just another purveyor of disinformation and right wing Bullshit.

 

[Wickerthing]

Same old tired propaganda....tax cuts for the rich.....
Honestly, aren't you even a little embarrassed peddling that old tired shit.

Honestly? WTF would you know about honesty? To you clowns, Trump is the most honest guy on the planet. LOL

 

[Nostra]

Republicans cheered as the ban on Russian oil was passed in congress but jeered Biden because gas prices went up. Were they so naïve to believe eliminating millions of barrels a day of Russia oil from the market would not send gasolines prices through the roof? Republicans knew exactly what would happen at the pump when they sponsored the bill and gave democrats the majority they needed to pass it.

Gas prices were skyrocketing before the ban on Russian oil, Dumbass.

 

[Nostra]

Again, check your sources. The Heritage Foundation is just another purveyor of disinformation and right wing Bullshit.

And yet you can’t refute a single fact in my post.

 

[Wickerthing]

We read and hear all the disinformed talking crazy about Biden, but they have no plan to stop inflation. If they had one, they would have presented it...
Do you actually think a Democrat would implement anything a republican suggested, you are one stupid moron. Democrats are vile steaming piles of shit.

The GOP doesn't even suggest solutions. They don't legislate. They just block legislation that the majority of the people support.

 

[kaz]

The GOP doesn't even suggest solutions. They don't legislate. They just block legislation that the majority of the people support.

The Democrats are in control of the White House, the Senate and the House you mindless leftist simp

 

[kyzr]

The United States started 2021 with the deadliest month of the coronavirus pandemic to date. January’s death toll has already surpassed the previous record number of fatalities set in December, when over 77,400 people in the U.S. died of Covid-19, according to data compiled by Johns Hopkins University. Vaccines had been develop but mass inoculations had not begun. America's primary trading partners were worst off than we were. Bans existed on foreign travel, and restrictions and bans on daily activity existed throughout the country.

The US started 2021 with new vaccines being injected into arms. A miracle by any medical standard. Fau-Chi said it would take years to develop an effective vaccine.

Fact Check: Did Fauci Say COVID Vaccines Would Take Five Years to Develop?

Former President Donald Trump claimed that Anthony Fauci had said a vaccine against COVID-19 would take several years to develop in a Fox News interview on Thursday with Laura Ingraham.

www.newsweek.com

Trump said: "We got a vaccine in nine months, Laura, and it was supposed to take five years. Fauci said it's probably never going to happen. I mean, Fauci was saying three years, four years, five years—a lot of people said 12 years. And I got it done in nine months. It's really a great accomplishment."

The development and distribution of vaccines was in full swing before Xiden even took office. All he could do is fuck it up. The US military was in-charge of vaccine distribution. The key to "Warp Speed" was building the production facilities in record time, at risk, so that production could begin as soon as the vaccines were approved.

COVID-19 Map - Johns Hopkins Coronavirus Resource Center

Coronavirus COVID-19 Global Cases by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (JHU)

coronavirus.jhu.edu

You look at how competent the Trump admin was during a pandemic compared to the disaster the Biden admin has been thru their own stupidity.

YOU'RE WELCOME.

 

[BS Filter]

Honestly? WTF would you know about honesty? To you clowns, Trump is the most honest guy on the planet. LOL

We were sure doing better when Trump was President. Bark licker.

 

[struth]

No Biden didn't inherit inflation he inherited a pandemic which as America came out of lead to a huge demand for goods and services which was the primary driver of inflation. And before we recovered, there was high gas prices due to Congressional legislation banning Russian oil introduce by republicans and backed by both parties and the American people.

inflation was not caused by a demand for goods. inflation was caused by the dems war on fossil fuels. The pandemic is over, people have been back to work…inflation continues to rise historic levels.

 

[Wickerthing]

And yet you can’t refute a single fact in my post.

If there was a fact I would address it. But when it's the H.F. I know it's bullshit!

Yes I support any pedophile to get the death penalty. Do you?

Silly Question from a silly goose.

 

[Wickerthing]

We were sure doing better when Trump was President. Bark licker.

Bark licker? That's a new one. LOL