"not a recipe for the prosperity promised on the campaign trail" Prosperity is the product of good decisions, sacrifice and patience. Only children, the jealous, and socialists, believe that prosperity can be achieved in the wink of an eye. What is good in the short run is usually good in the long run and vice versa.
No matter what Trump does, you people will be against it and him. When, not if, he brings peace to the middle east you all will still call him a Nazi. TDS is some powerful shit.
Regardless, I will always read and support your insightful and humorous work.
The last time we had an economic contraction - 'negative GDP growth' - was Q1 and Q2 of 2020. Two annualized (period compared to the period a year before) consecutive quarters of contraction is the Treasury's definition of a recession. IF we wind up with negative growth, AND inflation, it is the definition of 'stagflation,' not seen since the Nixon administration of the 1970s. Slowing growth is an expected effect from higher interest rates (tighter money supply), which is required to bring inflation down (essentially, people don't have money for higher rates for the same things they bought for less). ALL of this is documented, and to say:
President's CANNOT do ANYTHING about inflation - it's part of the Fed's mandate, not the President's. It's just like when an Attorney General of a State usually claims to be 'tough on crime.' When they are essentially the defense lawyer for the state in civil suits.
'Biden's Economy,' besides having finally brought a 'soft landing' from the 2008-09 Great Recession (the reason Fed rates were 0%-0.25% until briefly raised during Trump's first term, and again last year) after the economic stimulus of those low rates confronted 6.1% post-Covid vaccination distribution, growth and expectations, resulting in inflation - NOT 'stagflation' - was, with it's 3%-4% average unemployment rate, and its 3% average growth, and it's attempt to rein inflation to 2% (currently around 2.5%) - is statistically, and provably, the best US economy in at least 50 years.
The facts are, the average American has been sold a fear of high taxes, and high inflation, and an idea that a President can control prices (inflation) set by private companies looking for profit over costs, or can cut taxes (a role left to Congress, just like spending, and creating departments, and immigration reform).
Spending is caused by Congress. Tax laws are written by Congress. Immigration laws and reform are the responsibility of Congress. And the setting of prices, in a 'free market economy,' is left to the businesses without government interference.
The only way a President can set prices, or control inflation, is if the President is not a co-equal branch with Congress and the Judicial branch, and is, in fact, a Dictator.
In fact, the last President to actually 'set prices' was Richard Nixon. The result of the 'price controls' imposed by him CAUSED the stagflation, when they were lifted.
As with Covid, pent-up demand causes a spike in growth. It doesn't HAVE to cause a spike in prices, but then, corporations don't really need profit margins of 50%.
"not a recipe for the prosperity promised on the campaign trail" Prosperity is the product of good decisions, sacrifice and patience. Only children, the jealous, and socialists, believe that prosperity can be achieved in the wink of an eye. What is good in the short run is usually good in the long run and vice versa.
No matter what Trump does, you people will be against it and him. When, not if, he brings peace to the middle east you all will still call him a Nazi. TDS is some powerful shit.
Regardless, I will always read and support your insightful and humorous work.
“You people”? Come on, Richard. I’m just following the economy. The WSJ, CNBC, the Atlanta Fed, and others linked in this post aren’t “you people”.
The last time we had an economic contraction - 'negative GDP growth' - was Q1 and Q2 of 2020. Two annualized (period compared to the period a year before) consecutive quarters of contraction is the Treasury's definition of a recession. IF we wind up with negative growth, AND inflation, it is the definition of 'stagflation,' not seen since the Nixon administration of the 1970s. Slowing growth is an expected effect from higher interest rates (tighter money supply), which is required to bring inflation down (essentially, people don't have money for higher rates for the same things they bought for less). ALL of this is documented, and to say:
President's CANNOT do ANYTHING about inflation - it's part of the Fed's mandate, not the President's. It's just like when an Attorney General of a State usually claims to be 'tough on crime.' When they are essentially the defense lawyer for the state in civil suits.
'Biden's Economy,' besides having finally brought a 'soft landing' from the 2008-09 Great Recession (the reason Fed rates were 0%-0.25% until briefly raised during Trump's first term, and again last year) after the economic stimulus of those low rates confronted 6.1% post-Covid vaccination distribution, growth and expectations, resulting in inflation - NOT 'stagflation' - was, with it's 3%-4% average unemployment rate, and its 3% average growth, and it's attempt to rein inflation to 2% (currently around 2.5%) - is statistically, and provably, the best US economy in at least 50 years.
The facts are, the average American has been sold a fear of high taxes, and high inflation, and an idea that a President can control prices (inflation) set by private companies looking for profit over costs, or can cut taxes (a role left to Congress, just like spending, and creating departments, and immigration reform).
Spending is caused by Congress. Tax laws are written by Congress. Immigration laws and reform are the responsibility of Congress. And the setting of prices, in a 'free market economy,' is left to the businesses without government interference.
The only way a President can set prices, or control inflation, is if the President is not a co-equal branch with Congress and the Judicial branch, and is, in fact, a Dictator.
In fact, the last President to actually 'set prices' was Richard Nixon. The result of the 'price controls' imposed by him CAUSED the stagflation, when they were lifted.
As with Covid, pent-up demand causes a spike in growth. It doesn't HAVE to cause a spike in prices, but then, corporations don't really need profit margins of 50%.