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re: Today's lesson: Inflation
Posted on 3/20/24 at 12:48 pm to Ronaldo Burgundiaz
Posted on 3/20/24 at 12:48 pm to Ronaldo Burgundiaz
quote:
Weren't you the guy that told me in the Corona mega thread that the 2020/2021 stimmys wouldn't result in inflation?
Anyone who did not see it coming with the 2017 tax cuts was a moron or simply greedy and did not give a rats arse. The effect was similar to hitting the nitrous switch in a car that is already doing about all it will do without slinging a rod. COVID stimulus was like adding a high volume fan to the already blistering hot economy...anyone who didn't see it coming, again, was a moron or greedy. The economy did not need "spurring" in 2017, it was growing slowly as a mature economy is supposed to grow. It damn sure did not need $1.6 trillion worth of high octane fuel tossed on it in 2020 and another $1 trillion in 2021 and 2022 (before Biden took office) when supply chains and production were on the ropes...but we did it and here we are.
1
Posted on 3/20/24 at 12:51 pm to AwgustaDawg
quote:
It damn sure did not need $1.6 trillion worth of high octane fuel tossed on it in 2020 and another $1 trillion in 2021 and 2022 (before Biden took office) when supply chains and production were on the ropes...but we did it and here we are.
And then Biden dumped a giant stimulus package on top of it when we were well into recovery, not to mention the "inflation reduction act".
Posted on 3/20/24 at 12:54 pm to Pandy Fackler
quote:
Well my salary has kept up with inflation over the years.
It has to or you are going backwards. Take a look at what you were making at 22 and what 22 year olds are making today. As we age we should gain some valuable knowledge and experience that makes us more valuable...thats where wage growth begins, not in cost of living adjustments. Most Americans have barely out paced inflation in the last 50 years...yet are far more productive and have far more experience and knowledge. To true tell is how profitable are their employers and how much have the shareholders of their employer made in the same time frame. Odds are damned good that those stagnant wages are the result of those investors making a pile of money.
Posted on 3/20/24 at 12:56 pm to GlazedDitchdigger
quote:
quote:
And then, estate taxes for the “nail in the coffin”
You're leaving your kids more than $13 million?
Without a secession plan that would limit their estate tax liability? If so you have made a woeful miscalculation which almost no one who might actually face the estate tax has ever made in the history of the estate tax...and that is on you.
Posted on 3/20/24 at 12:58 pm to TxTiger82
quote:
Protectionist trade policies are inflationary. Trump will not magically fix inflation, he'll likely make it worse.
For gods sake man do not remind them what the GOP has said every year prior to 2016 since the GOP began...
Posted on 3/20/24 at 1:02 pm to TxTiger82
quote:
Trump also sent stimulus checks and literally signed them himself.
This wave of inflation was caused not only by demand-side factors (lots of money in system), but also supply-side factors (Covid lockdowns in China).
Not sure any president was going to avoid inflation during Covid. Powell has done a decent job of taming it. We've gone from ~9% to ~3% in a relatively short time span by raising interest rates. But the last lap of the mile is always the hardest. Will be difficult to move the needle back down to 2%.
It had averaged about 1.6% the year prior to January 2017 when half or more of Americans were all about tax cuts to grow the economy. They ain't interested in it going back to 2%...they are like the SNL skit of Jimmy Carter in the mid 70s....who doesn't want to smoke $20 cigars? They were also all in on getting theirs during COVID...and they are still getting theirs because of COVID but it is a helluva lot less exciting to use it to pay for inflated costs across the board than a boat they did not want or need....
Posted on 3/20/24 at 1:06 pm to JohnnyKilroy
quote:
Gas and food have been keeping inflation DOWN for much of the past year. Gas has spiked due to a ton of refining issues that popped up starting in January, but for pretty much all of 2023 inflation was LOWER when including energy and food.
It’s hilarious how this board read it as the opposite nearly every month.
The rate of inflation being reported today is based on the exact same data it has always been based on. When your man is in charge its great, when your man ain't in charge its awful. It has always been that way. What we are seeing and have seen are the effects of tossing gasoline on a slow burning, manageable fire in 2017 and fanning those flames from 2020-2022.
Posted on 3/20/24 at 1:18 pm to AwgustaDawg
Soooo the Feds just said they still see being able to cut rates 3 times this year.
I just don't see how.
I just don't see how.
Posted on 3/20/24 at 1:20 pm to fallguy_1978
quote:
And then Biden dumped a giant stimulus package on top of it when we were well into recovery, not to mention the "inflation reduction act".
Damn sure did...basically the exact same thing Trump did in 2017 and 2020. The infrastructure bill that the GOP killed hated in 2009 was a bargain and a much needed investment in the United States....the projects that did not get budgeted in 2009 when unemployment was relatively high and prices relatively low that the GOP opposed because opposition is all they got are still fricked up as a soup sandwich...and fixing them in a period of low employment and high inflation is, was and always will be a shitty idea. That 2009 bill passed despite GOP opposition although it was about 1/3 of what it was originally promised to be...the 2020 version that Biden passed was done so with bi-partisan support. It was a fantastic idea in 2009 when the GOP hated it, it was fricking idiotic idea in 2020 when 13 times more GOP legislators thought it was a good idea. At the end of the day the infrastructure of this country is fricked up as a soup sandwich...but fixing it now is, was and always will be an idiotic idea. The problem is that when it would be a good idea we can count on the GOP hating the idea....unless of course they are in control and then they will LOVE it....
Posted on 3/20/24 at 1:27 pm to notiger1997
quote:
Soooo the Feds just said they still see being able to cut rates 3 times this year.
I just don't see how.
Me neither...and more to the point I think it will be a bad idea. We spent like drunken sailors from 2016 - 2020 and cut taxes in the same breath...inflation is the only sure thing which will happen when you do that. We are now where Jimmy Carter was in 1979 when he told Americans they needed to take a bitter dose of reality. We have spent like drunken sailors since 1980 regardless of who was in office and when the GOP is in control we do so while cutting taxes. It is simply not sustainable. We, the people, need to take that bitter pill...but we refuse and pretend like "our man" is the answer when in reality "our man" is simply going to spend like a drunken sailor and, if he happens to be a Republican, cut taxes while doing so.
Posted on 3/20/24 at 1:35 pm to AwgustaDawg
The stock markets have continued to shoot up, house prices haven't really came down much, vehicle prices haven't settled down, oil/gas has been creeping up again.
Start cutting rates, and we are off to the races again.
Start cutting rates, and we are off to the races again.
Posted on 3/20/24 at 1:38 pm to el Gaucho
Biden and Tirelessly in the same sentence....
Thats great.....
Thats great.....
Posted on 3/20/24 at 1:40 pm to East Coast Band
quote:
Providing you the ACTUAL values, not this Administration's published numbers.
We know the government's numbers are low, but we haven't had 500% inflation since covid started.
Posted on 3/20/24 at 1:41 pm to East Coast Band
quote:
quote:
Just pointed out to them that $10,000 in 2020 (pre-CoVID) had the same buying power as $52,022.78 today
Providing you the ACTUAL values, not this Administration's published numbers.
Where does that figure come from? Link to some study that was conducted? Even by a conservative/anti-Biden source?
Posted on 3/20/24 at 1:43 pm to el Gaucho
quote:
Yep. Biden has been working tirelessly for 4 years and he still can’t fix trumps economy
Once again, your analysis is spot on.
Posted on 3/20/24 at 1:48 pm to AwgustaDawg
quote:
Damn sure did...basically the exact same thing Trump did in 2017 and 2020. The infrastructure bill that the GOP killed hated in 2009 was a bargain and a much needed investment in the United States....the projects that did not get budgeted in 2009 when unemployment was relatively high and prices relatively low that the GOP opposed because opposition is all they got are still fricked up as a soup sandwich...and fixing them in a period of low employment and high inflation is, was and always will be a shitty idea. That 2009 bill passed despite GOP opposition although it was about 1/3 of what it was originally promised to be...the 2020 version that Biden passed was done so with bi-partisan support. It was a fantastic idea in 2009 when the GOP hated it, it was fricking idiotic idea in 2020 when 13 times more GOP legislators thought it was a good idea. At the end of the day the infrastructure of this country is fricked up as a soup sandwich...but fixing it now is, was and always will be an idiotic idea. The problem is that when it would be a good idea we can count on the GOP hating the idea....unless of course they are in control and then they will LOVE it....
It was basically a big climate change bill
Posted on 3/23/24 at 3:57 pm to GlazedDitchdigger
quote:
You're leaving your kids more than $13 million?
Suppose I was, would that merit a tax just because one was wealthy?
BTW there are also about 11 states that assess inheritance/death taxes with thresholds as low as $1 million.
Do your research before posting.
Posted on 3/23/24 at 3:58 pm to AndyCBR
quote:Death To The Death Tax
BTW there are also about 11 states that assess inheritance/death taxes with thresholds as low as $1 million.
This post was edited on 3/23/24 at 3:59 pm
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