The Biden (interim) Dictator

[Justwin]

Good argument to be made that Biden is responsible for an even larger share of inflation than just the disastrous stimulus plan he put in place in the spring of 2021.

https://www.yahoo.com/finance/news/how-biden-could-have-warded-off-inflation-183644063.html

Am I missing something? The argument here is that the Fed should have raised rates way sooner. Then it notes Powell was a Trump appointee apparently desperate to keep his job, and yet it glosses over how Trump very openly pressured Powell to not raise rates during his presidency?

Trump should not have pressured Powell, no argument here. I don't think the Fed was ever going to raise rates while Trump was still President, though.

The argument in the article is that the FOMC would have voted to raise rates sooner if Biden had reappointed Powell sooner. Powell was perhaps holding off on raising rates in order to increase the likelihood that he would be reappointed.

[CNS]

It's possible that 53% of inflation went to corporate profits, but that doesn't mean corporate profit increases were the cause of inflation. They were the result.

What sort of market regulation you have in mind?

This news show specifically said that 53% of inflation was due to companies raising prices to bolster profits.  (show was Breaking Points, and I think it was Monday's show).

You have a very tenuous grip on economics.

Here is the source the pod I was listening to was referencing

https://www.epi.org/blog/corporate-profits-have-contributed-disproportionately-to-inflation-how-should-policymakers-respond/

[Justwin]

It's possible that 53% of inflation went to corporate profits, but that doesn't mean corporate profit increases were the cause of inflation. They were the result.

What sort of market regulation you have in mind?

This news show specifically said that 53% of inflation was due to companies raising prices to bolster profits.  (show was Breaking Points, and I think it was Monday's show).

You have a very tenuous grip on economics.

Here is the source the pod I was listening to was referencing

https://www.epi.org/blog/corporate-profits-have-contributed-disproportionately-to-inflation-how-should-policymakers-respond/

If there would not have been stimulus checks and increased growth of the money supply, corporations would not have been able to raise prices nearly as much.

Also, in order for stimulative fiscal and monetary policy to work when shifting the AD curve to the right, they need prices to go up faster than wages. Otherwise the short run aggregate supply curve is going to shift up and nullify the stimulative policies. Prices going up a lot more than wages is a lot of what allowed for unemployment to be so low.

[CNS]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

[Justwin]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

[bucket]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

 

[Rage Against the McKee]

Yeah, once again, our government's preference for people who raise a whole brood of children is wrecking the economy.

[Rage Against the McKee]

K-S-U Wildcats! probably got paid $100k.

[CNS]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

You have a much better lobby than I do.

[Justwin]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

You have a much better lobby than I do.

My point was that the fiscal stimulus was far more than a couple of $600 checks.

[mocat]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

what on earth

[Dugout DickStone]

K-S-U Wildcats! probably got paid $100k.

He had the same number of kids as most of us, he just wouldn’t shut up about having seks

[Justwin]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

what on earth

My wife, myself and four kids.

Round 1: $1200 per adult + $500 per kid = $4400
Round 2: $600 per adult and $600 per kid = $3600
Round 3: $1400 per adult and $1400 per kid = $8400

Total: $16,400

Then they added $1000 in extra child tax credit for my 3 older kids and $1600 for my youngest.

New Total: $21,000

The child tax credit was deposited over the course of July-December. A portion of it made the CTC on my tax return the next spring lower, but that part is accounted for in the amounts I put for the CTC above.

[Trim]

What’d you do with it?

[Justwin]

Saved it and then used it to help us buy 80 acres in Wilson County in cash in May of this year.

[michigancat]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

what on earth

My wife, myself and four kids.

Round 1: $1200 per adult + $500 per kid = $4400
Round 2: $600 per adult and $600 per kid = $3600
Round 3: $1400 per adult and $1400 per kid = $8400

Total: $16,400

Then they added $1000 in extra child tax credit for my 3 older kids and $1600 for my youngest.

New Total: $21,000

The child tax credit was deposited over the course of July-December. A portion of it made the CTC on my tax return the next spring lower, but that part is accounted for in the amounts I put for the CTC above.

What???? Dang, I think you should send most of this board thank you notes for supporting your lifestyle

[wetwillie]

Saved it and then used it to help us buy 80 acres in Wilson County in cash in May of this year.

Username checks out

[OB_Won]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

what on earth

My wife, myself and four kids.

Round 1: $1200 per adult + $500 per kid = $4400
Round 2: $600 per adult and $600 per kid = $3600
Round 3: $1400 per adult and $1400 per kid = $8400

Total: $16,400

Then they added $1000 in extra child tax credit for my 3 older kids and $1600 for my youngest.

New Total: $21,000

The child tax credit was deposited over the course of July-December. A portion of it made the CTC on my tax return the next spring lower, but that part is accounted for in the amounts I put for the CTC above.

What???? Dang, I think you should send most of this board thank you notes for supporting your lifestyle

80 acres in cash, and don't make more than $150k a year? Must have bought Gamestop with the stimulus.

[Trim]

Justwin will be donating use of his ill-gotten 80 acres to gE to hold a multi-day FattyFest with stages and campgrounds and live music.

[sonofdaxjones]

I expect full hunting rights JustWin.  I’ll DM you where to send the permission.

[star seed 7]

I've never even heard of Wilson County

[Dugout DickStone]

I've never even heard of Wilson County

It’s pure dried up crap

[Justwin]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

what on earth

My wife, myself and four kids.

Round 1: $1200 per adult + $500 per kid = $4400
Round 2: $600 per adult and $600 per kid = $3600
Round 3: $1400 per adult and $1400 per kid = $8400

Total: $16,400

Then they added $1000 in extra child tax credit for my 3 older kids and $1600 for my youngest.

New Total: $21,000

The child tax credit was deposited over the course of July-December. A portion of it made the CTC on my tax return the next spring lower, but that part is accounted for in the amounts I put for the CTC above.

What???? Dang, I think you should send most of this board thank you notes for supporting your lifestyle

Thank you all.

If I had a vote, I would have voted against them.

[Justwin]

As illustrated, I am no economist, but I call bullshit on a couple $600 checks wrecking the economy.

Over the course of 2020-2021, my family received $20,000 in checks (direct deposits).

what on earth

My wife, myself and four kids.

Round 1: $1200 per adult + $500 per kid = $4400
Round 2: $600 per adult and $600 per kid = $3600
Round 3: $1400 per adult and $1400 per kid = $8400

Total: $16,400

Then they added $1000 in extra child tax credit for my 3 older kids and $1600 for my youngest.

New Total: $21,000

The child tax credit was deposited over the course of July-December. A portion of it made the CTC on my tax return the next spring lower, but that part is accounted for in the amounts I put for the CTC above.

What???? Dang, I think you should send most of this board thank you notes for supporting your lifestyle

80 acres in cash, and don't make more than $150k a year? Must have bought Gamestop with the stimulus.

You can do a lot with a 50-60% savings rate.

[Justwin]

Justwin will be donating use of his ill-gotten 80 acres to gE to hold a multi-day FattyFest with stages and campgrounds and live music.

I'm not necessarily opposed...

I've never even heard of Wilson County

That's part of the draw (not you specifically).

It’s pure dried up crap

You will not be invited to the multi-day FattyFest.