Originally posted by shox1989
View Post
1. All of the stimulus programs to families and businesses were a bad idea imo. They definitely brought our inflation up from just over 1% inflation to over 8% inflation, and they permitted billions of dollars of fraud (some thieves they've caught, but most they haven't) which will never be recovered.
2. I'm happy for you and your friend, but your good fortune hasn't been the "rule" for most Americans. The average is a 5% raise in salaries and with 8.3% inflation, they've still lost money, and that was a part of Joe Biden's plan from the beginning to give people stimulus monies in a variety of ways, and keep the work force lean, forcing wage increases (it also was inflationary). Many of those people still haven't gone back to work.
3. Joe Biden is still handing out stimulus money and welfare payments with no (or little) strings attached. That's inflationary
I remember the 1970's inflation, the high cost of energy, and long gas lines, etc. although I was young(much of it caused by the Great Society welfare programs of Lyndon Johnson and continued by Nixon), and Feds raising interest rates to 20% in 1980, to get it under control. The economic problems that started in the 60's and 70's continued until the end of the 1980's/early 90's. The current Federal Reserve under Biden and Janet Yellin (Treasury) caused the inflationary trends by raising spending, printing money to pay for the costs of the stimulus monies, and then said inflation was only transitory at the time. We now know they were wrong then, although many suspected it then already. We will see how high the current Federal Reserve (under Powell) has to raise interest rates to get it under control, but while he talks a good talk, I'm not sure he has come to grips with what will need to be done. You don't want to see the interest rates approach 20% during your lifetime, but they may not have a choice, and the ruined economy may cost you your job (and 15% increase this year). This could be a long painful road to recovery and many middle and lower income people may be paying for it.
Comment