quote:

Originally posted by mutedblade:

quote:

Originally posted by sdy:
"only in Washington DC do people seem to think that spending trillions more of taxpayers money will cure our problems"

Not one single critter in DC will care either. They'll continue doing what's best for their bank accounts.

Funny discussion here:

Inflation Hits Another High, Marking Its Highest Level in 40 Years

Let's Go Brandon.

It jumped 7.5% since last February, the biggest year-over-year increase since the A-Team debuted. (My bad, that was 1983.)


Inflation has now hit the highest rate in 40 years, jumping 7.5 percent since last February, the biggest year-over-year increase since February 1982, more than experts had expected. Among the reasons that the AP blamed were "shortages of supplies and workers" as well as "heavy doses of federal aid." Paging Joe Biden, his mandates, and his spending, although, of course, they don't say that. Unfortunately, they're not expecting it to slow anytime soon.

Say, didn't Biden's Covid Response Team just demand billions and billions and billions more in new covid "aid" yesterday?

Norms are being restored, if the Norms you mean are the inflation and malaise of 1982. (Which did happen under Reagan, but it was required to wring out the stagflation of the Carter years.)

When measured from December to January, inflation was 0.6%, the same as the previous month and more than economists had expected.

There's always so much unexpected economic news under Democrat "presidents."

Boy, Democrat presidencies must be exciting times for analysts! So many unexpected plot twists!

Biden spent 2021 paying people not to work. When businesses complained that they were short-staffed because people were being paid not to work, Brandon told them to "pay them more" -- to compete as an employer with the government, which was paying people as a non-employer.

This would raise everyone's wages, he whispered. (And it was, in fact, a creepy whisper moment.)

But here's the thing that anyone who understands anything about economics understands:

If everyone's wages increase, especially when due to an artificial external factor like government forcing, then nobody's wages increase.

Because all that's actually happened is that the default wage -- the "curve," if we were talking about grades in a class -- has risen, and everyone is still the same distance from that point.

And when employers have to pay everyone more money, they raise prices, because their costs are obviously higher.

Or as the AP sugarcoats it: Higher wages "can pressure" companies to raise prices.

Which means the "higher wages" buy the same amount of product.

Which means they're not higher wages in real terms.

The dollar has just been reduced in value.

Wages are rising at the fastest pace in at least 20 years, which can pressure companies to raise prices to cover higher labor costs.

Manchin declared I Told You So:

manchininflationstatement.png

Now let me tell you a little story.

The Democrats used to push a strategy of taxing the rich at very high levels, and then wasting that money by pissing it down ratholes they claimed was "social spending on the poor."

But under Clinton and then under Obama, the Democrat Party repositioned itself to be the party of the urban corporate elite and the mega-wealthy. And the urban corporate elite and the mega-wealthy do not like paying high tax rates.

But the Democrat Party still wanted to piss money down ratholes.

So the Democrat Party became enamored of a new "theory" of money: That they could literally spend as much money as they wanted, pissing it down ratholes, and not bother raising taxes on their mega-wealthy donors, because the government could just print as much money as it liked and never worry about balancing the books and nothing bad would ever, ever happen.

This is really their theory. It's called "Modern Monetary Theory" (MMT). They called it that because "Retard Money Theory" was already taken.

Now that this "theory" is being disproven by soaring inflation, people are... questioning it.

The New York Times recently ran a positive piece on this lunacy that you can literally run the mint's printing presses all day and night and see no negative consequences, and real economists are critical.

Here's the leftwing Obama economic advisor Larry Summers calling this obviously lunatic theory snake-oil:

Screenshot (1475).png

One critic notes the MMT people do not really have a theory they can even write down, or that could ever be tested -- they just have unfalsifiable claims and slogans.

[A]ny attempt to engage with the actual substance of MMT quickly finds that such substance is curiously lacking. MMT proponents almost always refuse to specify exactly how they think the economy works. They offer a package of policy prescriptions, but these prescriptions can only be learned by consulting the MMT proponents themselves. There is no model here -- no set of equations or definite formal statements that a layperson could use to generate their own MMT policy prescriptions without appealing directly to the gurus.

...maybe MMT people don't write down models of the economy because they can't. Because as Fran�oise, Christian, Rondina, Palley, and others have concluded, MMT is not a theory of how the economy works, but rather a set of political memes to push for more deficit spending.

But here's the unexpected -- or the inevitable -- plot twist.

You may have noticed that the woman pushing MMT is, in fact, a woman.

You may have also noticed that the Current Year is 2022, and we must Believe All Women, including, especially, when they say stupid things that could not possibly be true, especially when these stupid things involve impossibilities of basic math.

And so:

Real MMT, like real communism, has never been tried. But today, Axios has published a piece titled "Male economists are freaking out over a NYT profile" that suggests the pushback against MMT is akin to mansplaining.

This Twitter-based econ fight is about more than one economist. It's an argument over a natural economic experiment -- the U.S. government spending unprecedented sums to keep the economy from free-falling during COVID.

And the gender dynamics-- male economists piling on against a female economist and a female journalist, Times' reporter Jeanna Smialek, in ways distinctive from typical academic arguments -- look terrible here.

Women are men's equals, but also, you're never allowed to criticize women and you also have to pretend they're right even when they're completely wrong or it's "mansplaining."

http://ace.mu.nu/archives/397769.php

https://alexberenson.substack....8iOvBp_TauM5TKKMNl0I

BTW: if you’re in the White House - or a senior official in the Department of Homeland Security, say - you might remember that numbers like this rarely spell good news for the party in power (that’s you!).

And Congressional subpoena power runs both ways.

So make sure you save all those memos about how you decided to equate free speech with terrorism, mmmkay? Thanks!

quote:

This is really their theory. It's called "Modern Monetary Theory" (MMT). They called it that because "Retard Money Theory" was already taken.

My favorite line of the entire piece and 100% accurate.

quote:

Originally posted by chellim1:

Funny discussion here:

Inflation Hits Another High, Marking Its Highest Level in 40 Years

Let's Go Brandon.

You think that's funny, take a gander at this gem. This author tries to stick a cherry on top of this turd sundae.

*********

3 upsides to high inflation

Rising prices are undoubtedly a problem. Annualized inflation is now 7.5%, the highest level since 1982. Painful price hikes are hitting everyday bills such as food, home heating, rent and gasoline, which makes this an acute problem for President Biden and his fellow Democrats. If inflation stays this high for most of 2022, it will probably spell doom for Democrats in the November midterm elections.

High inflation isn’t bad for everybody, however. Here are 3 beneficiaries of rising prices:

Homeowners. If a valuable asset appreciates in price, while the financing for that asset remains fixed, the owner is getting ahead. And that’s the position many lucky homeowners are in. Home prices are rising by nearly 20% per year, which is hell on buyers but a big wealth boost for current owners. The government measure of housing inflation is smaller, at 5.7%, because most people don’t buy a home every year and the change in housing costs isn’t the same as the change in home prices. Even at 5.7%, housing costs are a big contributor to overall inflation, since they represent the biggest monthly bill for most Americans.

More than one-third of the 79 million U.S. homeowners own their property outright, without a mortgage. Most homeowners with a mortgage have fixed-rate loans, and many of those have refinanced within the last few years to lock in historically low rates that will never go up, regardless of how high inflation goes. Most of those homes are appreciating at a higher rate than the mortgage, adding to wealth.

The value of household real estate has grown by 20% since the start of the COVID pandemic in 2020, to $41 trillion. Tappable home equity—the amount owners can borrow against—soared by $2.6 trillion in 2021 to $9.9 trillion. Home equity can be an important source of spending, if owners want to use it, and even if they don’t, it contributes to the “wealth effect” that makes people feel better off. This doesn’t help renters and it’s a negative for people who want to buy a home but can’t afford it. For a big chunk of the US. population, however, it’s a windfall.

Stay ahead of the market
Workers (eventually). Inflation affects wages in at least two ways. Sometimes rising wages are the main thing causing inflation, as employers have to pay more to get the workers they need, which raises labor costs and ultimately the prices consumers pay. That is not what’s happening now. Other factors, such as supply-chain disruptions and surging demand for goods, are causing inflation, which in turn is starting to push wages up.

[Get Rick Newman’s stories by email or follow him on Twitter.]

Pay increases are not keeping up with inflation at the moment. Average hourly earnings are now growing by 5.7%, more than double the average of the decade before COVID. But that’s still less than 7.5% inflation, so the typical worker is falling behind. If inflation eases, however, that’s when workers could end up better off. Wages tend to be “sticky,” which means employers don’t normally lower them when other costs go down. If inflation eases by two points and wages stay where they are, it will start to be a net gain for workers. If inflation drops back to the 2% level it was at a year ago, workers will be even better off. There’s a decent chance inflation will ease by later this year, since some of the current surge in inflation is due to anomalies, such as a shortage of semiconductors, that ought to get ironed out eventually.

People who benefit from rising interest rates. Interest rates usually rise amid inflation, and that is already happening as financial markets price in a shift in Federal Reserve policy from loosening to tightening. Long-term rates such as mortgages are up nearly a full percentage point during the last couple of months, and short-term rates will rise too as the Fed hikes those directly, starting in March. Higher rates will slow debt-fueled spending, but if they get high enough they’ll produce a bit more income for fixed-income savers who have been getting returns close to 0. Rising rates could make the U.S. dollar stronger against other currencies, discounting the cost of travel for Americans heading abroad. It’s also possible borrowers who were unable to get a loan with rates low might find banks more willing to lend as the return to the bank rises.

Modest inflation of 2% to 3% is ideal, and almost nobody would choose bigger price hikes over smaller ones. But those benefiting from higher inflation ought to be able to keep spending going as others cut back. With luck, the months ahead will provide some relief that benefits everybody.

https://finance.yahoo.com/news...ation-211547361.html

Just looked up that Yahoo article author’s Twitter feed.

Holy shit, straight up hardcore leftist POS

Suspected as much, only someone that diehard would write some BS like that to defend Brandon

quote:

3 upsides to high inflation

"The hidden advantages of a sucking chest wound..."

What a stupid article. Sure, higher home pricing for the current occupant with a fixed mortgage is good for that person, but what about the future homebuyer is getting priced out, or can’t afford the mortgage due to the higher interest rate.

Sure, it’s great that the worker is getting more money in the paycheck but those raises are not keeping up with inflation. I just got a 2.5% merit raise. Too bad inflation is running at 7.5%…….

What garbage

quote:

Here are 3 beneficiaries of rising prices:

Um, shit, how about Governments which are in debt...... High inflation can cause a reduction in the real value of the government's existing / outstanding debt.

That article is asinine, what was the author smoking, do people actually believe that foolishness?

quote:

Originally posted by ugeesta:
Sure, it’s great that the worker is getting more money in the paycheck but those raises are not keeping up with inflation. I just got a 2.5% merit raise. Too bad inflation is running at 7.5%…….

What garbage

Unfortunately, inflation is no where close to 7.5%. That's a straight up bald faced lie. 'Real' inflation is running way higher than that.

Biden administration is trying to walk back the "give away" of "equity" related crack pipes

https://townhall.com/columnist...-crack-pipe-n2603128

Report from Wash Free Beacon:

"The $30 million grant program, which closed applications Monday and will begin in May, will provide funds to nonprofits and local governments to help make drug use safer for addicts. Included in the grant, which is overseen by the Department of Health and Human Services, are funds for "smoking kits/supplies." A spokesman for the agency told the Washington Free Beacon that these kits will provide pipes for users to smoke crack cocaine, crystal methamphetamine, and "any illicit substance."

HHS said the kits aim to reduce the risk of infection when smoking substances with glass pipes, which can lead to infections through cuts and sores. Applicants for the grants are prioritized if they treat a majority of "underserved communities," including African Americans and "LGBTQ+ persons," as established under President Joe Biden's executive order on "advancing racial equity.""

Snopes attacks and calls the story "mostly untrue"



safer smoking kits to historically underserved communities

Then HHS says the story is "blatant misinformation". But acknowledges the program is to help Americans struggling w substance use to stay healthy and safe.

Then Jen Psaki says that crack pipes "were never a part" of the Safe Smoking kits funded by the Biden admin.

Now we are asked to believe Jen Psaki that this "safe smoking kit," won't contain crack pipes

Example from Canada:

Snopes has been spiraling down the path of "zero credibility" for quite some time now. Just another left-wing hack tool.

'You're being a wise guy': Biden bristles as Lester Holt asks him to define 'temporary' on the day inflation hits 7.5 percent - but still insists prices will 'taper off' this year

https://www.dailymail.co.uk/ne...ecord-inflation.html

quote:

Originally posted by wcb6092:
'You're being a wise guy': Biden bristles as Lester Holt asks him to define 'temporary' on the day inflation hits 7.5 percent - but still insists prices will 'taper off' this year

I heard that was supposed to be aired before the Super Bowl and it sounds like it was a shitshow.

This guy is literally becoming a vegetable before our eyes:

"And there is no way we were ever going to unite Ukraine...I mean excuse me Iraq...Afghanistan."

Another thing about inflation, the one big winner is the govt, creates an immense windfall in tax revenue.

quote:

Originally posted by sse:
Another thing about inflation, the one big winner is the govt, creates an immense windfall in tax revenue.

And since the government debt is so high, high inflation can cause a reduction in the real value of the government's existing / outstanding debt.

Yes, I agree, the government benefits by inflation. It's a stealth redistribution of wealth.

As most people here get, inflation occurs over the longer term and is not something that can be dealt with simply or in the short term. Nothing can resolve it in the short term, so any POS politician (like Biden) who even suggests they can get it under control in the short term should be called a liar to their face. Factor in the major supply chain disasters due to the lack of foresight by government that are making the problems worse and are also problems that will take years to fully resolve. The most depressing and discouraging aspect of all of this is this administration is lying constantly (big surprise) while doing 'nothing' to address or resolve inflation 'or' supply chain problems. Factor all this in with all the other things this administration is doing to destabilize this country (raging crime, open borders, CRT, labor shortages, etc), and the problems grow exponentially again. So once again, is this occurring through monumental incompetence or is it being done on purpose to damage us and this country.

https://hotair.com/karen-towns...chaotic-time-n447881

Commander in charge of Kabul evacuation: White House and Jill Biden were 'distractions' during chaotic time

Rear Adm. Peter Vasely, the top U.S. commander in Kabul during the evacuation, is speaking out about the chaos that ensued during the botched Biden withdrawal from that country. He makes it perfectly clear that the “distractions” coming from the people in the White House, including Jill Biden, did nothing but interfere with the plan that was in place. It wasn’t just distractions in the White House, either. Pope Francis and members of Congress hit him up for special favors during the evacuation, too.

The Army’s lead investigator, Brig. Gen. Lance Curtis, asked Vasely whether it was true that First Lady Jill Biden and Pope Francis had called in to seek help for specific people who were in harm’s way.

‘That’s accurate,’ Vasely confirmed ‘I was being contacted by representatives from the Holy See to assist the Italian military contingent … in getting through groups … of special interest to the Vatican. That is just one of many examples.

‘I cannot stress enough,’ the admiral added, ‘how these high-profile requests ate up bandwidth and created competition for already stressed resources.’

A Post report earlier this week revealed the frustrations at the Pentagon as the White House and State Department failed to prepare the embassy for evacuations in the weeks preceding Kabul’s fall.

xxxxxxxxxxxxxxxxxxxxxxx

We were told by the administration that they had planned for every scenario. Remember when Biden campaigned as someone who would bring back adults to be in charge in his administration? The fact is that Joe Biden has been historically wrong throughout his decades in political office when it comes to foreign policy.

It’s a false narrative that Biden is an expert on anything, certainly on foreign policy. He is always wrong. In this case, he didn’t take advance warnings about what the Taliban was capable of on the ground and how quickly they were prepared to take over Kabul and the rest of the country.