The economic events that spurred inflation occurred after Biden through his actions increased the cost of fuel and pumped too much stimulus into the economy. By your own measure if Trump enacted tax cuts Jan 1st, 2018 we should've seen a big spike in inflation a year to 18 months later. Inflation actually went down in 2019 and 2020.
Inflation
- Thread starter Jkloc420
- Start date
Up In Smoke
Well-Known Member
Sorry for the slow response it was end of quarter, estimated tax time and strike voting all in a short window. The Fed raised rates 5-6 times in late 2017 through 2018 in an effort to tamp down consumer spending and head off inflation caused by tariffs and tax cuts. It seemed to work as spending in late 2018 through 2020 were at the lowest levels in several years. As a result of rate increases the stock market sold off 25% in late 2018 to end the year in negative territory. In 2019 we saw the lowest consumer spending levels in a decade, GDP contraction as well as the largest inflation number since 2011. The Fed turned tails and again began to cut rates as well as "print money" through treasury auctions in 2019 in an effort to settle the economy. We all know what happened in 2020. Consumer spending went negative as well as GDP, employment, exports and the dollar as we printed more and more and more. The 900B signed into law in the lame duck session of 2020 should have been the last dollars to combat the pandemic, but the Biden administration wanted more and those dollars just compounded the troubled course we had already set for ourselves. If you believe the current numbers, it looks like the Fed's plan is working to slow inflation without negatively impacting employment and consumer spending. We march on, one month at a time.
newolddude
Well-Known Member
DriveInDriѵeOut
Inordinately Right
Are you seriously still pushing the blatant lie that the inflation reduction act was about reducing inflation?
Even most hard-line Democrats admitted that was false.
Why are you lying on purpose?
DriveInDriѵeOut
Inordinately Right
Wally
BrownCafe Innovator & King of Puns
Lol, nice try.
Biden in charge:
Something that cost $1000 in 2021 will cost you $1121 today. Thanks Joe!
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Darmark7
Retired 2020. Not my Problem Anymore!
I always wondered how some people kept falling for the lies the media has told them over the years but when you have someone on here that puts up a chart that says our inflation rate is 2.9%, and they aren’t doing it as a joke, then I can now see that some people will believe whatever they are told no matter how much it doesn’t make logical sense.
August 13, 2022
The Inflation Reduction Act: What the bill will actually mean for inflation : NPR
"The nonpartisan Congressional Budget Office, which scored the bill, also determined that the bill will have a "negligible effect" on inflation this year and next."
If the impact on inflation is limited, then what else does it do?
The package includes $369 billion in new spending to reduce greenhouse gas emissions, invest in clean energy technologies and extend subsidies for the Affordable Care Act.The bill also plans to bring in more than $300 billion in new revenue, Democrats say, by imposing a 15% minimum tax on corporations making over $1 billion and through a new excise tax on corporate stock buybacks.
"The way to think about this is not about inflation at all, but about the tradeoffs between helping people who need more help, especially in health care and reducing carbon, versus the potential impact on future investment," Smetters [faculty director of the Penn Wharton Budget Model] said."
catstalking
ie qt
first off they have their own
ty policies to blamesecond off they're also extremely reliant on US treasuries, so if we inflate they inflate harder
please ready some dollar milkshake theory before you post again
catstalking
ie qt
for the laypeople seeing this chart, all of those are awful stats anyways, they all suck just some worse than others
Can you tell us what parts of the Inflation Reduction Act actually.affected the inflation rate?
Wally
BrownCafe Innovator & King of Puns
Over70irregs
❤️ MORE 😡 LESS
Whoever is last I guess…..
newolddude
Well-Known Member
catstalking
ie qt
translation: please Fed don't raise rates and crush our balls, we want to make more easy money
Over70irregs
❤️ MORE 😡 LESS
Go ahead make more $. Too bad it will be worth less. You work harder for $ getting infinitely weaker. By the time you realize it your old.
Darmark7
Retired 2020. Not my Problem Anymore!
Just think how much more taxes the government is getting since the great Bidenomics. The more things go up the more taxes are paid because of the higher price. Take a car for example, what use to cost $20,000 is now around $30,000 so the government gets taxes on an extra $10,000. Now multiply that on just about everything everyone is buying. But our government needs those taxes to keep Ukraine and the illegals supplied.
Up In Smoke
Well-Known Member
Auto sales taxes go to the state in which you register it, not the Federal Government. If you own a car, boat, camper or piece of property, you've seen the value of those assets grow from 20-50%. I sold a boat in 2021 for 8K more than what I bought it for in 2016.
Darmark7
Retired 2020. Not my Problem Anymore!
Yep the price of almost everything has gone up no matter who owns it because the dollar is worth less and less under Bidenomics. So as I said the tax man is getting richer and richer. If you bought and sold your boat legally you bought the boat and you paid taxes on it and then when you sold the boat you got taxed on the money you made and the guy that bought the boat paid taxes on it. See how that works.
I look at taxes going to state or federal as going to the government.
