Posted On: Wednesday - June 1st 2022 5:03PM MST
In Topics:   Trump  Economics  Inflation  Zhou Bai Dien
I meant to add more to that 2 week-ago post about the 5 and 10 stores (and I don't mean cents). That was our last post on the inflation topic that we have been on to here since the beginning of '17*.
As much as we all would like to blame the recently-installed (I wouldn't claim "elected") President Biden for it all, and as much as I enjoy seeing this blame from others, no, he didn't do that. He did some of that, especially involving those fuel prices, but price inflation has been a long-term process in this country and has the simplest of causes.
I overheard Donald Trump on my wife's phone telling the audience at a rally how "there was no inflation while I was President, blah, blah." Well, let's get real. Yes, it has been running at 4-5% for the last couple of decades as determined by just about every product and service Peak Stupidity has done long-term calculations on. Yep, price inflation has increased greatly over the last year. It's finally at a rate at which even people who don't seem to notice jack squat are noticing. Those of us who remember the 1970s, well, now we remember them better.
The President and the D-led Congress have done nothing but moves to screw Americans. They have been a factor. Long-term, though, it's as simple as the rule of Supply & Demand is. You create more currency out of nothing but paper or computer bits, and that larger amount of currency is then valued against the same amount of goods/services. Why would prices NOT go up?
Back to Donald Trump, the President doesn't write the laws, but he was President when the big $4,000,000,000,000 Kung Flu "rescue" money was arranged for and starting to be spent. No, Joe Biden did nothing to discourage this spending. That 4 Trillion bucks equals a whole "normal" (last decade, at least) year's worth of Feral Gov't spending. Recently, say the last decade again, the increase in the national debt, called the deficit, has been a cool 1 Trillion bucks yearly. So, they've ramped the currency creation up by a factor of 4, and I'm wondering what else one would expect.
No, Joe didn't
* The start of this blog was late November of '16.