BDKJMU wrote: ↑Sun May 12, 2024 5:04 pm
Biden, the dumbest POTUS in the history of the US when it comes to economics.
As bad as he's been in terms of foreign policy, yes, the biggest issue with the Biden administration has been the handling, well, mishandling, of the economy. The President can only indirectly impact the economy, so often it's limited what any one President can do. But by dumping so much money into the economy in his first months on the job through those massive spending bills, Biden was able to substantially and quickly increase the money supply and directly caused the surge in inflation we saw. Once inflation is out of the barn, honest businesses have no idea where things will be next month, 6 months, or 12 months down the road and they guess at the price increases. Dishonest businesses also don't know where things will be but they'll make sure to jack up their prices not only to be sure they still profit, but maybe even get more than that. And that cycle goes on and on again. The tweet about the price of a fruit is just like what caused so much problems in the college loan business - government takes over the loan business, makes it clear how much they're willing to extend to any and everyone for a college education, and colleges en masse over time raise their costs to be higher so that that government money all goes to their pockets. It's why modern monetary theory has been such a disaster, it ignores reality.
