Inflation Spiked Prior To Biden Inauguration

[WHITT]

INFLATION STARTED SPIKING BEFORE BIDEN WAS INAUGURATED:




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Note that the yearly indicators are in the middle of the chart year, but if you count bars back 12 from the right is Jan, but Biden was inaugurated in the last week of Jan, and inflation is spiking. The historic Covid Relief legislation wasn't signed until March, while inflation was well underway, so clearly it was not responsible.

Obviously, Biden INHERITED Donnie's inflationary policies.

[Claustrum]

1. You can't convince any of republicans with facts.

My Trumper parents act like there was no inflation in the last 20 years and suddenly it happened last year under Biden. They keep comparing prices from 25 years ago when we first step foot on US soil to prices now. All the while always complain about how expensive thing got in our previous country/city when we get minimal inflation comparing to them. But no matter what, I can't convince them that it's a worldwide problem or that it isn't Biden's fault.

Same thing with the last recession in 2007-2008. My dad blamed Obama and I keep telling them Obama wasn't president till Jan 2009. But nope, democrats and Obama caused the recession in 2008.

[ClimateHawk]

5. Do they remember that inflation was up during the Bush jr years?

5.6% in July 2008 was the peak, then inflation was fairly low during the Obama years, when Biden was also in the white house. Just ask people why inflation was low during the 8 years of Obama/Biden when cons claimed spending was out of control. Is President Biden to blame or could it just be the 1 in a 100 year pandemic and the supply chain issues that's causing it. Get creative with questions like that and maybe it will cause them to think differently. Here's to hoping it will.

[Claustrum]

6. Like I said, they don't believe any data we provide.

They only believe the online radio source they listen to and they are all pretty much right wing/Libertarian. They can acknowledge other countries are having the supply chain and inflation problem but all blame it on Biden for whatever reason.

They pretend like there is no inflation in the last 25 years and no matter what I said, they don't care. They just praise how cheap things were when we first step foot on US soil 25 years ago (we are immigrants) and then continue to complain about how expensive things are now.

And even though it's in another language and we are minority, we can just be as racist as some white counterpart. My dad said "there is no country in the history of mankind that a black leader would result in a good economy for the country. All black led countries are crap." So he would never ever admit that Obama did any good. All of that taught to him by that online right wing radio source.

[calimary]

2. Kicked - I want to remember this one.

Guess it was the donald's way of saying "go F yourself for not handing me another opportunity I could cheat my way through".

The so-called "lovely parting gift."

[Claustrum]

3. I have long suspected the inflation is partly due to the feds pumping so much money

into the stock market so it wouldn't crash under Trump.

[WHITT]

7. But

all the money injected into the economy to counteract the pandemic was AFTER inflation had already started spiking.

It looks like it was Donnie's tariffs that set-off the inflation, compounded by the supply-chain blockages and corporate price-gouging. Now he constantly claimed China was paying the tariffs, but you never know with Donnie whether he's lying or just stupid. Anyone with half a brain knows it was American consumers and American businesses paying the tariffs, raising costs of goods all across the economy.

[Claustrum]

8. The fed pumping was done in 2020 when COVID first hit

and the stock market took a nose dive for 10000 points. The fed keeps pumping money into the stock market for months and months. I think Biden stopped it after a few months into his presidency.

[andym]

4. Inflation spiked under Gerry Ford, but Jimmy Carter still got blamed

because he didn't fix it fast enough. Gerald Ford actually tried to fix it with "Whip Inflation Now." Ironically, Jimmy Carter DID fix it, by appointing Paul Volcker Fed Chairman, who then raised interested rates to near 20%, costing Jimmy Carter the election. Two years after Reagan was inaugurated, Volker's strong medicine worked, and Reagan wrongfully got the credit for the economic miracle. Carter knew that Volcker's fix would be painful, so he sacrificed for the nation.

The lesson is that the public isn't forgiving when it comes to inflation-- they expect it to be fixed.

[Johnny2X2X]

9. Not Biden's fault

But he's got to do something about it just the same, if this number doesn't come down by the Summer it's going to be a disaster in November. Inflation is all anyone talks about right now. Outside of inflation it's the strongest economy the US has ever had, but no one even knows that because inflation dominates the headlines.

[BeerBarrelPolka]

10. I

I agree with you. That's all I hear from everyone I know. The prices are really getting out of hand in my parts.

[Johnny2X2X]

11. That's the thing

Inflation isn't even that bad. A 7.5% increase over a year isn't really that big of a deal, but it's the anecdotes that become the facts. "Well, I paid 40% more for my heating bill..." "A double cheeseburger costs 50% more now." So instead of thinking about something that costs $1.00 now costing $1.07, people think of these anecdotes without really thinking critically.

7.5% doesn't mean that everything is more expensive, it just means that more stuff went up in price than stuff went down. But some things are in fact cheaper, but those don't get mentioned. 7.5% is not ideal and if it lasts for an extended time it can really effect people's lives, but 7.5% for a short period isn't that big of a deal, especially when it's accompanied by the wage increases we've seen over the last year, wages went up almost 6%, but no one talks about that. Real inflation isn't anywhere near out of control, but that type of nuance isn't anywhere.

[BeerBarrelPolka]

12. I deal

With many fixed income people and out here gas and groceries have increased substantially. Those are the two things people bring up the most. NW of Chicago.

[Amishman]

13. Not going to be popular, but I think he does own part of it

Part of the driver behind the current inflation is a major increase in the money supply because of the Fed's asset purchasing program. While that was needed at the height of the economic disruption, it should have been stopped completely by last fall. Markets were stabilized, the financial sector was showing all the signs of extreme excess liquidity. Draining off that liquidity would have put the brakes on inflation before it really started ramping up at the start of winter.

Joe should have been loudly pressuring the Fed to wrap up asset purchasing six months ago. Instead the Fed kept pumping tens of billions of extra capital into already oversaturated financial markets. By most measures, our financial system has at least a trillion dollars in excess cash reserves right now.