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this post was submitted on 11 Nov 2024
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politics
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biden getting flak over inflation is fucking hilarious.
The fed is literally irrelevant to the president, the president does not control inflation. Sure maybe his spending increased inflation. But the entire global economy was at a practical stand still. If you think getting a seized ICE working again is hard, try it with a global economy.
You can bitch all you want about inflation, but at the end of the day, nobody really knows what the right solution here was. We could've gone through another great depression event if not for global stimulus. And a few years of bad inflation and high costs will beat literally starving.
The only reason Biden gets some slack is when the reaction was needed to take place hard and fast was under trump. And we have had the knowledge of how to stop the spread of an epidemic/pandemic for centuries.
But when every single country fails to take actions - it isn't a single case of ONE bad leader. It's a case of systemic issues - and that is the case throughout the west: The west is infected by economist bean counters who are insistent on "number go up". That is Canada, the US, UK, France, Germany... the list goes on. And that attitude has gutted the western spirit, economy, and more. This idea that we need immigration - when immigration is a bandaid to a much deeper problem that starts in and around 1965, but really has it's first signs in 1967 in the US, and that is spiraled out of control with the end of the gold standard.
Yes: That is where the problems stem from.
The fact is: Biden has been in politics, for basically the entire run of problems stemming and bubbling over. And he has been right smack dab in the middle voting basically for every measure that continued the problem forward. Making promises that were inevitably funded with printed money - printed money that created inflation, that required interest rates to go up, that drove people out of home. Economic conditions that enabled and even encouraged manufacturers to offshore US manufacturing to places like China - destroying US jobs in the process.
Who benefited?
If there is a politician to blame: It is Biden. He has been there practically every step of the way.
Why? He did literally nothing to address it.
????????
https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve
??????
Price controls? Ronald Reagan?
What the fuck are you supposed to do? Unprint money???
the fed is an independent agency, just look at trumps previous term. He couldn't get them to do what he wanted, even with appointing a guy he liked.
also this.
price controls may have worked. It's hard to say unless you look at the revenue streams and accounting directly. But then you wouldn't need price controls either so...
Ronald Reagan had some pretty stupid economic policy. Notably removing legislation that would've prevented the 2008 financial crisis. But that doesn't count apparently.