this post was submitted on 12 Nov 2024
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2020 but with biden.
That's an outlier because of Covid. I will grant that AFTER enabling the pandemic spread Trump finally got the ball moving for vaccines and some recovery, and Biden continued that. He gave credit where credit was due though and didn't revise history, which is what this meme is all about. Trump does things only to get his name on it (recovery checks), and twists things to make it seem like he is the source of all that is great (and not of anything bad).
I'm saying biden inherited the post covid inflation. I think the world was reeling and inflation was un avoidable.
If we asked people if after the world wide covid shutdowns would they be surprised if there was a shortage on goods they would say, "no".
I bet if we asked people if there are people dieing in mass because of covid would that contribute to the shortage of goods, they would say, "yes."
I bet if we asked people if we are paying more to have something imported would the cost be transfered to the consumer they would say, "yes".
Given all these factors and accounting for greedflation it's actually amazing Biden would stabilize this equation. I'm sure some of the ripples caused by the shutdowns stopped contributing. I'm sure some of the markups needed to offset the tariffs are now in place. As far as labor shortages I think we are going to be dealing with that for a long time to come.
Overall though, they cranked the only lever they had to balance the equation, interest rates (really the only leverage the fed has) and waited for the train to stop. I could see it going very differently if we let someone else do the dirty work.
This is all just a laymen interpretation so feel free to pay it no mind.