Obama: Worst President Ever? Topic

MikeT23
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tecwrg.  His boss who denied a raise when tec explained that inflation was rising faster than his paycheck.   

Multiply that by about 95% of the workforce who have no say in their pay raises.    And, yes, they're free to seek employment elsewhere but we do have a little issue with prolonged unemployment these days.

And, if you really need examples beyond that, your understanding of the world is far more limited than I'd have thought.

6/15/2012 1:30 PM
tecwrg
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Why is jrd talking about me after I blocked him?
6/15/2012 1:53 PM
jrd_x
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That's what you consider fixed income?  I don't think that's an accurate definition.

I'm asking because many people considered fixed income are seniors on social security who get a cost of living increase that often exceeds the inflation rate.  (I think the COLA was 3.6 for 2012 payments vs an inflation rate today of about 2.2%).

Other definitions of fixed income include people living off of their retirement accounts, which are often bond heavy or money market accounts that are just as damaged by low interest rates as they are by inflation.
6/15/2012 1:54 PM
MikeT23
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Income that does not change based on policy is fixed. 

If I make $100 a day and am not going to make $105 tomorrow, my income is pretty fixed, no?
6/15/2012 2:34 PM
MikeT23
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Anyway, if you don't like the definition, it's irrelevant.

tec makes $500 a week.  tec spends $500 a week on necessities.   Said necessities will cost $520 next week due to your policy-influenced inflation.   How does that help tec and 95% of the US that will not make more next week?
6/15/2012 2:36 PM
jrd_x
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Posted by MikeT23 on 6/15/2012 2:34:00 PM (view original):
Income that does not change based on policy is fixed. 

If I make $100 a day and am not going to make $105 tomorrow, my income is pretty fixed, no?
That's an interesting way to look at the world.  Under that extremely broad (or dishonest) definition, just about everyone has a fixed income.

Yet, everyone would benefit from the economy improving, whether that improvement comes from lower interest rates or inflation (or fiscal policy) is irrelevant. 
6/15/2012 2:45 PM
MikeT23
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In short, policy-influenced inflation would hurt a lot of people short-term with the hopes of boosting the economy long-term.

I'm not willing to gamble with other's well-being like that.

My guess is you have an exclusive circle of friends who are all very similar on the wealth scale.    Therefore, you don't understand the need that some have for their paycheck.  I also assume that you've never lived paycheck to paycheck.   Therefore, you don't understand not having a lot of "extra" money.   That's not your fault but you seem to lack real-world knowledge.
6/15/2012 2:45 PM
jrd_x
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The IMF says central bankers should target higher inflation rates:

http://online.wsj.com/article/SB10001424052748704337004575059542325748142.html

"The International Monetary Fund's top economist, Olivier Blanchard, says central bankers should consider aiming for a higher inflation rate than they do currently to lessen the chances of repeating the recent severe recession."



6/15/2012 2:58 PM
MikeT23
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Hell, I'm in a giving mood.

Telling the guy who knows steak on Tuesday means he only gets beans and rice on Wed/Thur that inflation is good for the economy and he will see the benefits eventually just doesn't fly.     If you don't believe me, have you ever heard a presidential candidate say "I'm going to increase inflation for the good of the country!!"?
6/15/2012 2:59 PM
MikeT23
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The IMF says "should consider".    Considered and denied.    But, then again, I expect Olivier Blanchard is much like you and doesn't understand the struggles of the man on the street. 
6/15/2012 3:00 PM
jrd_x
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Yes, he's just the chief economist for the IMF, he doesn't know anything about setting macroeconomic policy.
6/15/2012 3:01 PM
MikeT23
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Didn't say that.  Think of it as a general in the military.  He knows he has to take that hill.   He knows that he will kill hundreds of his own men in doing so.   He orders the charge while he remains safely behind.   That's Olivier Blanchard and you, his faithful parrot.
6/15/2012 3:05 PM
jrd_x
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Indulging your ridiculous analogy for a second, why would the general take the hill?
6/15/2012 3:20 PM
MikeT23
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You don't know why?   

Then why would you want to hurt millions of people by increasing inflation?    Know why you want to do something, and the repercussions of the action, before you decide what you want to do. 

6/15/2012 3:25 PM
jrd_x
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In YOUR analogy why did the general take the hill?
6/15/2012 3:27 PM
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