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‘Bidenomics’: Prices Up 18.6 Percent
Which angry old man responsible for the problem should we hold accountable for it? Or trust to fix it?
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Controlling inflation in a BOOMING economy is tough, and our inflation rate is the lowest in the industrialized world by a lot. In fact, the only way we have ever done it is to hurt the economy by raising interest rates, which is what we have done, and the trend is down. We will reach our goals. You Trumpers like to mention that inflation is up 18% (or if you are Trump you lie and say 50%) without also mentioning that hourly wages have increased by 15% (a rate of increase not seen since before the Reagan administration). So net inflation has only been about 3%.
In the meantime, under Biden we have a record stock market, record low unemployment, GDP is up significantly over the Trump years, productivity is up over the Trump years, the net worth of the average American is up, we are producing more oil than at any time in the history of our country, plus we are building a renewable energy infrastructure; for the first time in a very long time economic growth is higher than the Chinese, our trade deficit with China is down, manufacturing is returning to the US at a record pace, and annual deficits are down from the Trump years.
On the foreign policy front, NATO is stronger than ever. Our alliances with Japan, Australia, South Korea, and the Philippines are stronger than they have been in decades. Almost all of our allies have increased defense spending. China’s economy is faltering. Russia’s economy is in shambles. The Russian Army is down 300,000 men in the last two years, it has depleted its tank force, its Black Sea fleet has been decimated, its air force is afraid to fly planes over Ukraine because they are being shot down every time they do, and despite the best efforts of Republicans, we have stalled Putins goal of re-establishing the evil Russian Empire.
I am willing to live with a little inflation. Because yes, I am definitely better off than I was under Trump, and that does not even take into account not dealing with the constant fear that Trump would sell us out to some foreign government who gave him money, sell our military secrets to the Russians or the Saudi’s, or declare Martial Law and start killing Americans.
Jack Hinson, you are confounding and confusing the Trumpers with actual facts. Remember, what Napoleon said of the Bourbons is also applicable to the Trumpers: “ Learned nothing, forgot nothing.”
Wait until Trump imposes his proposal to increase tariffs for China to 50% and all imports to 10% on top of another multi trillion tax cut for the über rich.
Perhaps a better discussion would be on price gouging by the US corps whose CEO’s are seeing unprecedented bonuses and raise hikes. From 1978 to 2022, the typical CEO’s compensation increased by 1,209% while the average worker’s salary grew by….15%. Also, another discussion I’d like to see is on the GOP’s newfound interest in raiding Social Security and raising the retirement age to 70 while eliminating SS altogether. They are itching to get their hands on that money for some reason and it’s not to “pay down the debt” because as we saw in the last GOP administration, they don’t give a damn about the “debt ceiling” until they’re not the party in control. What are their true plans for that money? To fund another unwinnable war in the mideast? Or just loot the treasury on their way out the door?
Inflation, debt slavery, the exorbitant rise beyond just inflation in things critical to a thriving middle class – health care, housing, education – it’s all targeted to maximize exploitation of the working class.
Democrats will turn a blind eye to the woes of workers to pursue power, but then push the status quo. Eventually this will cost them elections to Republicans, who have no qualms hacking away anything that benefits labor.
There is no left party in America.