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nonniey 06-13-2022, 10:22 PM This is an Atlantic article. Hard to believe they published this. I guess, I’ll have to be fairer to them in the future.
https://www.msn.com/en-us/money/markets/how-did-they-get-inflation-so-wrong/ar-AAYiYZJ
How Did They Get Inflation So Wrong?
Excerpt “…….Inflation hawks, in other words, were the proverbial boys who cried wolf. Their warnings that inflation was right around the corner were worthless because they always said that inflation was right around the corner. And the consensus among center-left economists—with the exceptions of Summers, and Olivier Blanchard and Jason Furman, two other liberal economists who warned in spring 2021 of inflationary risks—was that the risks attached to a further stimulus package were low and the potential benefits were high.
Was this wrong? Yes—but whether it was irresponsible is not obvious. Economic policy making, after all, is always a matter of balancing risks and rewards, and the potential for sustained high unemployment was very real. (Summers himself also said last year that “the dangers of doing too little are greater than the dangers of doing too much.” He just believed that $1.9 trillion was, as it were, much too much.) At this point, the contention that the stimulus package was bigger than it needed to be—or at least, could have been better directed—seems inarguable, but equally true is that it probably accounts for only a fraction of the current inflation rate. Europe, after all, did far less in the way of fiscal stimulus than the U.S., yet inflation within the European Union is now about as high…….”
If the $1.9 trillion Stimulus Bill was too much and led to disastrous inflation can you imagine what would have happened if the $3 trillion (or even worse the $6-7 trillion progressive wish list) Build Back Better bill was passed?
Are you guys still mad a Sinema and Manchin? It looks like they may have saved our asses from an economic catastrophe.
sdskinsfan2001 06-13-2022, 10:29 PM This is an Atlantic article. Hard to believe they published this. I guess, I’ll have to be fairer to them in the future.
https://www.msn.com/en-us/money/markets/how-did-they-get-inflation-so-wrong/ar-AAYiYZJ
How Did They Get Inflation So Wrong?
Excerpt “…….Inflation hawks, in other words, were the proverbial boys who cried wolf. Their warnings that inflation was right around the corner were worthless because they always said that inflation was right around the corner. And the consensus among center-left economists—with the exceptions of Summers, and Olivier Blanchard and Jason Furman, two other liberal economists who warned in spring 2021 of inflationary risks—was that the risks attached to a further stimulus package were low and the potential benefits were high.
Was this wrong? Yes—but whether it was irresponsible is not obvious. Economic policy making, after all, is always a matter of balancing risks and rewards, and the potential for sustained high unemployment was very real. (Summers himself also said last year that “the dangers of doing too little are greater than the dangers of doing too much.” He just believed that $1.9 trillion was, as it were, much too much.) At this point, the contention that the stimulus package was bigger than it needed to be—or at least, could have been better directed—seems inarguable, but equally true is that it probably accounts for only a fraction of the current inflation rate. Europe, after all, did far less in the way of fiscal stimulus than the U.S., yet inflation within the European Union is now about as high…….”
If the $1.9 trillion Stimulus Bill was too much and led to disastrous inflation can you imagine what would have happened if the $3 trillion (or even worse the $6-7 trillion progressive wish list) build back better bill was passed?
Are you guys still mad a Sinema and Manchin? It looks like they may have saved our asses from an economic catastrophe.
Bunch of fucking Trumpette's over at The Atlantic. Stupid sheep.
Chico23231 06-13-2022, 11:36 PM This is an Atlantic article. Hard to believe they published this. I guess, I’ll have to be fairer to them in the future.
https://www.msn.com/en-us/money/markets/how-did-they-get-inflation-so-wrong/ar-AAYiYZJ
How Did They Get Inflation So Wrong?
Excerpt “…….Inflation hawks, in other words, were the proverbial boys who cried wolf. Their warnings that inflation was right around the corner were worthless because they always said that inflation was right around the corner. And the consensus among center-left economists—with the exceptions of Summers, and Olivier Blanchard and Jason Furman, two other liberal economists who warned in spring 2021 of inflationary risks—was that the risks attached to a further stimulus package were low and the potential benefits were high.
Was this wrong? Yes—but whether it was irresponsible is not obvious. Economic policy making, after all, is always a matter of balancing risks and rewards, and the potential for sustained high unemployment was very real. (Summers himself also said last year that “the dangers of doing too little are greater than the dangers of doing too much.” He just believed that $1.9 trillion was, as it were, much too much.) At this point, the contention that the stimulus package was bigger than it needed to be—or at least, could have been better directed—seems inarguable, but equally true is that it probably accounts for only a fraction of the current inflation rate. Europe, after all, did far less in the way of fiscal stimulus than the U.S., yet inflation within the European Union is now about as high…….”
If the $1.9 trillion Stimulus Bill was too much and led to disastrous inflation can you imagine what would have happened if the $3 trillion (or even worse the $6-7 trillion progressive wish list) Build Back Better bill was passed?
Are you guys still mad a Sinema and Manchin? It looks like they may have saved our asses from an economic catastrophe.
It’s really remarkable and at that time Janet Yellen stated “too go big” during negotiations. Her fat ass shoulda been fired last week.
Build back better would have sunk everything…honestly the so called experts were wrong. Even when stimulus was sent out to people who weren’t impacted by Covid…no one should have got that money. Should have been focused only to low income families only and then industry specific ie: travel & hospitality industry, restaurants, etc. Now that we could be facing recession…don’t except stimulus money, lever been pulled to much.
Chico23231 06-13-2022, 11:42 PM Bunch of fucking Trumpette's over at The Atlantic. Stupid sheep.
:laughing-
“The Atlantic, STFU. Build back better was originally Drumpt idea which Biden was forced to try. Trumpette set up Biden to fail”
-G1, probably
The Atlantic is usually a trash heap of god awful writing.
nonniey 06-14-2022, 12:21 AM :laughing-
“The Atlantic, STFU. Build back better was originally Drumpt idea which Biden was forced to try. Trumpette set up Biden to fail”
-G1, probably
The Atlantic is usually a trash heap of god awful writing.
Re: Atlantic - I disagree it is usually fairly good writing but focuses on angles that favor the Democrats. They aren't as bad at omitting facts unfavorable to their position as the New York Times is and I haven't seen them set pejorative frameworks on stories which is also a common method the NYT uses. (A New York Times reporter once asked to interview me over " what I was going to do with all the my racist Redskins memorabilia now that the team dropped it's racist name."
Chief X_Phackter 06-14-2022, 01:18 AM :laughing-
“The Atlantic, STFU. Build back better was originally Drumpt idea which Biden was forced to try. Trumpette set up Biden to fail”
-G1, probably
:laughing2
Giantone 06-14-2022, 10:50 AM Found some pics of chico ,SD and Cheif X at a trump rally.
https://pbs.twimg.com/media/EpNdF7yWMAAq6Qj.jpg
Giantone 06-14-2022, 10:59 AM chico's people.
4oXZXT3D0UE&t=4s
Chico23231 06-14-2022, 11:25 AM Here’s the problem we are facing short term in the economy now that the fed and the administration mishandled inflation and their energy policy:
American debt:
Last month, total consumer debt, which includes debt from credit cards, student loans and auto loans, went up $38 billion. In total, Americans now have $4.57 trillion in consumer debt, an all-time record.
The $38 billion increase was a 10.1% increase from March, so the situation is escalating quickly. When mortgage debt is added into the equation, American household debt sits at $15.8 trillion, which is also an all-time high.
Bottom Line: Americans have never been in more debt than they are now.
According to the Fed, Americans opened up 229 million new credit card accounts last quarter, which is higher than pre-pandemic levels.
Now the fed is raising interest rates fast as fuck:
And… because the Fed is raising interest rates in an attempt to slow down inflation, carrying a balance on a card month to month is going to start costing even more. For example, the average annual rate or APR on most credit cards is around 16% right now, but it’s expected to be 18% or 19% by the end of this year. That would be the highest rate in history.
As a result, Americans are saving less money each month. In April for example, the U.S. Savings rate fell to only 4.4%, the lowest mark since 2008.
Quite the problem
Giantone 06-14-2022, 12:34 PM Here’s the problem we are facing short term in the economy now that the fed and the administration mishandled inflation and their energy policy:
American debt:
Last month, total consumer debt, which includes debt from credit cards, student loans and auto loans, went up $38 billion. In total, Americans now have $4.57 trillion in consumer debt, an all-time record.
The $38 billion increase was a 10.1% increase from March, so the situation is escalating quickly. When mortgage debt is added into the equation, American household debt sits at $15.8 trillion, which is also an all-time high.
Bottom Line: Americans have never been in more debt than they are now.
According to the Fed, Americans opened up 229 million new credit card accounts last quarter, which is higher than pre-pandemic levels.
Now the fed is raising interest rates fast as fuck:
And… because the Fed is raising interest rates in an attempt to slow down inflation, carrying a balance on a card month to month is going to start costing even more. For example, the average annual rate or APR on most credit cards is around 16% right now, but it’s expected to be 18% or 19% by the end of this year. That would be the highest rate in history.
As a result, Americans are saving less money each month. In April for example, the U.S. Savings rate fell to only 4.4%, the lowest mark since 2008.
Quite the problem
Amazing how you didn't care about this while he who shall remain nameless was in Office.
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