this post was submitted on 07 Nov 2024
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United States | News & Politics
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Bernie would raise wages, Trump will give tax cuts. The promise is that people will have more than the minimum. Biden/Harris were telling everyone the economy is great when we all knew it wasn't and we're all worse off than we were 4 yeats ago.
Look at the material circumstances.
(Just... set aside that Trump's tax cuts mostly go to the rich. It's the narrative that sways voters more than the reality.)
I mean it was doing well vs what was given to them. Its still flabbergasts me the comments of trump for the economy and that biden caused inflation. Inflation started being unusually high in april 2021 and biden took office in january. He did not cause the inflation from 3 months as president. I mean if our system of government needs to run on narratives and not actual truth then I guess trump is the least of our problems.
The inflation stemmed from pandemic-justified price gouging on groceries and private equity purchases of rental properties. Government absolutely could have addressed this- even just continuing pandemic level food stamps would have helped immensely, but Biden ended it.
Biden pushed to take money and support away from people so he could declare the pandemic was over.
That's truth. Recognize it.
No its not. Interest rates do effect inflation and they are supposed to be lowered due to economic pressures but trump brought them to zero after obama got them back to 3 or 4 percent and he did this before covid. Thus when covid hit lowering rates was not something else they could do. continuing food stamps would help people but would certainly have increased inflation. Now given that interest rates are not the only reason and price gouging was certainly part of it and possibly the major part. They did take action on that though by going after the gouging which is action that tames inflation rather than exacerbates it. He could not have made better moves in realtion to inflation while trump could not have made worse ones.
That's the common narrative around inflation. It's wrong.
The pentagon lost (not spent, just straight up had go missing) 21 trillion dollars. Inflation didn't spike.
I've studied college-level economics. I've worked in a shop that dealt in gold and silver. I've been looking into interest and monetary policy since the 2008 crash. What I've learned: day-to-day costs of fundamentals of living is not directly connected to interest rates. It is directly connected to what capitalists charge for them.
The CEO of Kroger admitted to price gouging. Yieldstar has been fucking up the rental market for years. Gas spikes in price during elections where a Democrat is the incumbent.
You can follow the standard explanation if you want, but don't act like it's a mystery how a lot of people weren't happy.
Despite your credentials I highly disagree about supply and demand. That 21 trillions was not folks buying bread and eggs. It won't explode inflation as production will increase but its going to effect it.
Ok, keep feigning ignorance, I guess.
You speak like economics is a science with agreement across the board instead of a collection of different philosophies with limited enough evidence that at best there are more accepted and less accepted ones that change during different time periods.
Oh, that wasn't my intention. I disagree with Chicago School supply-side economics. I also think it's fucking dumb that DNC leadership pointed at economic indicators that left out cost of food and rent and said "things are great!" Economics in the west has been seen as fairly monolithic so I am pretty strident in my refutation of that view. I'm also certain about the real-world pressures that lower class Americans have to face- rent and food are more expensive than ever, while wages are stagnant and benefits are slashed.
In a roundabout way, I'm trying to speak to your original comment: what voters see as similar between Trump and Sanders is that they want to change the economic policies that have left average Americans with less money.
Im certainly not chicago and view myself as keynesian but I take it a bit further and believe currency has no value except when used in a transaction. One thing that annoys me is repbulicans love to say how tax cuts will stimulate the economy and raising them will slow it down but when we have an overheated economy and inflation they don't propose raising taxes as a solution or reducing debt and going further and making rainy day funds. Democrats to really they just don't push the stimulus side os much either.