Posted by tangplay on 11/19/2021 1:53:00 AM (view original):

Posted by bruceleefan on 11/18/2021 5:47:00 PM (view original):
So printing more $ in the last 18 months than in the history of the US combined isn't the real reason either?

I guess a bunch of other countries also decided to elect Joe Biden, it's the only possible reason for inflation rising around the world!

Genuinely, if you believe it's as simple as "more spending = inflation," you should go present these findings to some economics professors at a university or something, because you have clearly single-handedly figured out and simplified economic concepts that researchers have spend decades trying to understand and explain.

You have to understand that when conservatives do this, people are laughing at you

The sheer amount of blathering you can produce is astonishing.

I never said that it has zero impact, however you directly said it's the "real reason" for the inflation. Your words, not mine. That is suggesting "more spending = inflation."

I actually agree with some of your criticism of the stimulus checks. Most of that goes on the previous admin, btw.

If my characterization of your opinion was misleading or false, I'm sorry about that and I'm glad we agree more than I imagined.

And your opinion, at least from this last post, directly contradicts the mainstream narratives from almost every conservative politician in America, and that needs to be called out. The fact that a half of the country is blatantly lying about economic principles for political gain is pretty concerning.

Posted by tangplay on 11/19/2021 12:32:00 PM (view original):
I never said that it has zero impact, however you directly said it's the "real reason" for the inflation. Your words, not mine. That is suggesting "more spending = inflation."

I actually agree with some of your criticism of the stimulus checks. Most of that goes on the previous admin, btw.

If my characterization of your opinion was misleading or false, I'm sorry about that and I'm glad we agree more than I imagined.

And your opinion, at least from this last post, directly contradicts the mainstream narratives from almost every conservative politician in America, and that needs to be called out. The fact that a half of the country is blatantly lying about economic principles for political gain is pretty concerning.

Yes, I suppose the way I worded it, one could infer I placed ALL the blame on printing money at a ridiculous pace. I was actually guilty of the same thing I chastised you for.

My comment was initially aimed at the "case in point" response to the AOC meme suggesting we could simply eradicate inflation by printing more $$, which typically has the opposite effect.

Just as you are upset about the misleading narrative of the right wrt the inflation, I am equally distressed at the amount of folks on the left who truly believe "free" everything is actually free and doesn't have consequences.

There are lots of factors contributing to our current inflation, and I do believe printing that much money over the last 18 months is one of them.

While I certainly blame Trump for his role in the stimulus fiasco, I believe it erroneous and pretty partisan to claim "most of that goes on the previous administration".

The dems were not lagging in the amount of BS put into both stimulus bills. Maybe if I had the inclination to go through the entirety of both packages I could assign a 60/40 ish type split of the blame, but the bottom line is, neither stimulus bill should have included anything at all beyond granting relief to those in need.

Both sides are equally to blame in this regard.

https://www.washingtonpost.com/business/2021/03/10/what-is-in-the-stimulus/

Here's everything that was in the Biden stimulus bill; you can tell me everything you don't like.

Of course people don't believe that "free stuff is literally free and we don't have to pay for it at all." The infrastructure/BBB bill includes tax increases for corporations and the wealthy to pay for its provisions. The argument typically made is that some spending ends up producing more down the line through second-hand benefits.

Posted by tangplay on 11/19/2021 7:02:00 PM (view original):
https://www.washingtonpost.com/business/2021/03/10/what-is-in-the-stimulus/

Here's everything that was in the Biden stimulus bill; you can tell me everything you don't like.

Of course people don't believe that "free stuff is literally free and we don't have to pay for it at all." The infrastructure/BBB bill includes tax increases for corporations and the wealthy to pay for its provisions. The argument typically made is that some spending ends up producing more down the line through second-hand benefits.

I thought we were discussing the 4T stimulus passed under Trump.

This is a better stimulus package by far with very little in the way of pork that I can find.

I am not a fan of paying people more money not to work than some working people earn. There are plenty of jobs out there but we're discouraging many from seeking employment. I know, I know the standard response but am unmoved by it and strongly disagree.

Credit where it’s due, he said it’s a better stimulus.

If it was true that unemployment benefits discourage people from seeking employment, why is it that we didn't see massive spikes in employment in states that let the unemployment benefits expire?

Posted by tangplay on 11/19/2021 8:15:00 PM (view original):
If it was true that unemployment benefits discourage people from seeking employment, why is it that we didn't see massive spikes in employment in states that let the unemployment benefits expire?

Is this just another right wing talking point that doesn't hold water? I've actually not researched the numbers to validate or refute.

I'll defer to your judgement here and if that's the case then there really isn't anything about Biden's stimulus bill that I can find fault with. At least from what was in the Washington Post report you linked.

https://www.cnbc.com/2021/08/23/ending-unemployment-benefits-had-little-impact-on-jobs-study-says.html

States that withdrew early from federal unemployment programs pushed few people back to work and fueled a nearly $2 billion cut in household spending, potentially hurting their local economies, according to new research.

Twenty-six state governors — all Republican, except one — opted out of the pandemic-era programs several weeks before their official expiration on Labor Day. Enhanced benefits were keeping the unemployed from looking for jobs and fueling a labor shortage, they claimed.

That bet seems to have had a limited payoff so far, according to a paper authored by economists and researchers at Columbia University, Harvard University, the University of Massachusetts Amherst and the University of Toronto. The research was published Friday.

The data suggests unemployment benefits aren’t playing a big role in hiring challenges and that other factors are having a larger impact — a similar thrust to other recent research analyzing the policy decisions...

States that ended federal benefits early saw larger job gains among the unemployed: Their employment jumped 4.4 percentage points relative to jobless individuals in states that kept benefits flowing, according to the paper, which analyzes data through the first week of August.

However, that translates to just 1 in 8 unemployed individuals in the “cutoff states” who found a job in that time period. The majority, 7 out of 8, didn’t find a new job.

“Yes, there was an uptick [in employment],” University of Massachusetts Amherst economics professor Arindrajit Dube said. “Most people lost benefits and weren’t able to find jobs.”

Dube co-authored the research paper.

The employment dynamic — a loss of benefits without resulting job income for most people — led households to cut their weekly spending by 20%, according to the paper. As a result, economies of the cutoff states saw a reduction of nearly $2 billion in consumer spending from June through the first week of August.

There was a slight uptick in employment but the majority didn't go back to work and that caused some economic problems.