Joe Biden: U.S. President

I can’t imagine this will work out well. And I bet a testicle he won’t join any line that doesn’t serve ice cream.

The $6B was money owed them by S Korea for oil Iran already delivered,.so it’s them getting what was theirs already. Doesn’t seem unfair, and we don’t really give up anything there.

wait, wut?

Yeah, when I think cool, I think Joe Biden. :noway:

I think they would have better luck with AI Joe at this point.

it’s all relative in an election. probably more than trump or desantis?

17 posts were split to a new topic: Trump loves golden… toilets

Republicans made this criticism with Obama too in the exact same situation. Seems they’d rather have people rot in an Iranian jail. Perhaps they can try their alternative approach of threatening fire and fury followed months later with a hug.

So there’s pictures now?

I posted one in funny political pictures, the hilarity of a President of a country who presides over record inflation and interest rates hikes to name but two issues standing in a picket line of people stricking to get their wages in line with what some would say is an issue he caused seems to escape some.

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Fortunately, I have three.

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I was led to expect ice cream or a testicle

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By that measure no president except maybe Xi Jinping would be allowed to stand in a picket line. If anyone thought Biden caused inflation, they would be grossly misinformed.

Do you think Biden has brought down inflation like he claims and, if so, how?

I think that is the job of the Federal Reserve and they have tampered inflation by increasing interest rates. This has been effective yes.

Do you still believe the primary cause of inflation was stimulus payments? How does that explain why inflation is still occuring, after stimulus payments ended, and a global issue not isolated to the US?

Biden’s $1.9 trillion stimulus package in March 2021 triggered inflation, as Lawrence Summers, Obama economic adviser, warned in an opinion piece in the Washington Post in February 2021:

Federal Reserve officials pushed back on Thursday against concerns raised by two prominent economists — Lawrence H. Summers, the former Treasury secretary, and Olivier J. Blanchard, a former chief economist at the International Monetary Fund — that big government spending could overheat the economy and send inflation rocketing higher.

Those warnings have grabbed headlines and spurred debate over the past two months as details of the federal government’s $1.9 trillion pandemic relief bill came together. Mr. Summers in particular has kept them up since the legislation passed, saying it was too much on the heels of large spending packages last year. He recently called the approach the “least responsible” fiscal policy in 40 years while predicting that it had a one-in-three chance of precipitating higher inflation and maybe stagflation, or a one-in-three chance of causing the Fed to raise rates and pushing the economy toward recession.

But two leaders at the Fed, which is tasked with using monetary policies to keep inflation steady and contained, gave little credence to those fears on Thursday. Richard H. Clarida, the central bank’s vice chairman, and Charles Evans, the president of the Federal Reserve Bank of Chicago, both responded to questions specifically about Mr. Summers’s and Mr. Blanchard’s warnings.

“They have both correctly pointed out that the U.S. has a lot of fiscal support this year,” Mr. Clarida said on an Institute of International Finance webcast. “Where I would disagree is whether or not that is primarily going to represent a long-term, persistent upward risk to inflation, and I don’t think so.”

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The large gaping hole in your argument that fiscal stimulus is the main driver, and the reason I assume you avoided the second question, is that it doesn’t explain why inflation is a global issue not isolated to the US, or why it continues after fiscal stimulus dried up. Additionally inflation continues in a few key areas where it has subsided in others:

Food - War in Ukraine
Oil - War in Ukraine

All areas that put pressure on the supply chain initially like covid lockdowns in China and the spike in demand after the pandemic has since subsided. So it is no wonder that we are seeing inflation in food and energy still due to supply disruptions like the war in Ukraine, while inflation in other areas has come down.

Supply shortages caused by global supply chain disruptions following the onset of the COVID-19 pandemic have added pressure on U.S. inflation. Our analysis suggests that supply chain shocks can have significant impacts on PCE inflation by raising inflation expectations and intermediate input costs. We estimate that supply chain disruptions contributed on average about 60% of the run-up of U.S. inflation during the past two years. Since mid-2022, indicators show that increased pressure from the supply chain disruptions have been easing gradually, which has contributed to the slowdown in inflation

The big guy was playing word games and relying on the stupidity of the electorate, plus hoping for an assist (or in this case a blind eye) from the MSM.

He was referring to the rate at which inflation was occurring. Which is to say if the rate of increase was @5% last year and that rate had declined to @4% he was chalking that up as an achievement of his admin and claiming he was bringing down inflation, while it was still increasing, just not increasing at the rate it was previously. :grinning:

Target is 2%, not 0% so getting the rate down is still an achievement, but it is an achievement of the Federal Reserve, not Biden. Excluding oil and food, it’s getting to normal which is good if we achieve the soft landing the Fed has done it’s job.

And as described above the majority of current inflation is driven by supply chain issues so there is only so much the Fed can do in the first place with monetary policy. They can’t stop a war in Ukraine or volatility in the Chinese market.

So to help get over this latest rough patch of high inflation, high rents, crushing student debt and inadequate wages the Biden could drop another $1.9 trillion on consumers and inflation would barely budge, right, so why not?

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Are you here for actual discussion or just sarcasm to push your own narrative? The data and the very obvious geopolitical factors show that inflation is going to continue due to supply led constraints. Could the president do something about those external factors like food and oil prices? Certainly he could appease Russia and pull all aid from Ukraine. That’d be an option. He could get rid of tariffs and appease China that may also cause a spike in demand.

Unfortunately most voters are not well informed on geopolitical issues, but if the US wants to de-couple from China, which I think we should, then the result will be inflation. We can’t stave off decades of low inflation, and not expect high prices to come back through near-shoring/sourcing in higher cost countries. Thats not a politically popular decision to make, but one that next president Dem or Repub will have to make.