The Official Biden is Doing Awesome Thread

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Pence called Biden everything but a white man. ha, ha!!!

[Ef-man]

TBH, Summers is full of himself and wants to remain relevant. Plus, he is a first class bull ter. I have heard him painfully stretch two sentences into a 15 minute speech because he was unprepared and yes, he sounded like a re .

Here’s why Larry Summers wants 10 million people to lose their job.

Former U.S. Treasury Secretary Larry Summers says there needs to be a surge in unemployment to curb inflation, which Federal Reserve policymakers say doesn’t need to happen for price growth to cool off.

According to Bloomberg News, Summers said in a speech on Monday from London there needs to be a lasting period of an unemployment rise to contain inflation — either, a one year e to 10%, two years of 7.5% unemployment, or five years of 6% unemployment.

https://www.msn.com/en-us/money/markets/here-e2-80-99s-why-larry-summers-wants-10-million-people-to-lose-their-job

[Winehole23]

For the knock on to fifty solid years of wage contraction to be five years of Fed enforced austerity because the tide briefly turned -- and didn't even keep up with inflation, real wages are falling right now -- is cruel and perverse.

[daboom1]

[Blake]

[spurraider21]

Now you're just free associating, I suggested nothing of the sort, I mentioned (pandemic and war related) supply chain problems as well as market power and greed related to price hikes, even cited support for it. Besides, It's the Fed's dual mandate -- not Congress's -- to keep a lid on inflation while promoting full employment, hardly seems impertinent to point out it takes one of those mandates much more seriously than the other.

4% was theoretical full employment when I was in college, current u-3 is 3.6%. U-6 is 7.1%

the background assumption that the problem is an overheated economy doesn't jibe with falling GDP, falling real wages and gaps on retail shelves. but even if we were to grant that the problem is purely demand and greedy workers, solving it on the backs of workers isn't the only possible solution, raising taxes never gets mentioned.

I found this reply to Summers persuasive. The whole piece is long and fairly wonky, but written clearly enough for non-technical readers like myself to understand.

https://www.ineteconomics.org/perspe...corona-and-war

Lol

[Winehole23]

Lol

You got sidetracked on a tangent, tbh

Fine by me if you want to avoid talking about inflation and Fed policy.

(shrugs)

[Winehole23]

You mistook my referent there, what I said nothing about was "richies buying up groceries" as a driver of inflation. I should have been clearer about that, but your hostile gloss is revealing.

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[spurraider21]

everything is a sidetrack or a tangent.

your complaint was that when we need stimulus we make rich richer and when we have to tighten the belt we make the poor poorer. you complained that nobody has proposed tax hikes as a means of slowing the economy down

when i pointed out that the most recent massive stimulus went disproportionately to the worker, you brushed it off as a tangent. can you demonstrate how tax hikes would curb inflation and help with the CPI? it boils down to a supply/demand issue. taxing the rich isnt going to increase supply, nor is it going to meaningfully decrease demand.

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[Winehole23]

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Boiled down:::

President Trump: $2.29 a gallon.
MF Biden: $5.00 a gallon.

[Winehole23]

everything is a sidetrack or a tangent.

your complaint was that when we need stimulus we make rich richer and when we have to tighten the belt we make the poor poorer. you complained that nobody has proposed tax hikes as a means of slowing the economy down

when i pointed out that the most recent massive stimulus went disproportionately to the worker, you brushed it off as a tangent. can you demonstrate how tax hikes would curb inflation and help with the CPI? it boils down to a supply/demand issue. taxing the rich isnt going to increase supply, nor is it going to meaningfully decrease demand.

Not sure I agree with you, but it doesn't matter. The words "even if that were true" set off a counterfactual (imho) aside unrelated to Larry Summers, Fed policy and unemployment. Pretending the convo started and ended there is chicken .

[ElNono]

^^^ the right can't meme

[Blake]

^^^ the right can't meme

Even when they lie in the meme they still can't do it right

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Even when they lie in the meme they still can't do it right

Looks mighty good to me, Blake.

[daboom1]

Looks mighty good to me, Blake.

Maybe he will explain to us how it's not good instead of vague assertions.

[ElNono]

Maybe he will explain to us how it's not good instead of vague assertions.

explain what, Qhris? What's your conspiracy here?

[daboom1]

[spurraider21]

good to be prepared

[daboom1]

^ This is why you are on ignore. You are dishonest, churlish, and not to be taken seriously.

[spurraider21]

^ This is why you are on ignore. You are dishonest, churlish, and not to be taken seriously.

its dishonest to like pandemic preparedness so we dont get caught with our pants down again after the last one killed over a million americans

not all of us are actively cheering for death

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its dishonest to like pandemic preparedness so we dont get caught with our pants down again after the last one killed over a million americans

not all of us are actively cheering for death

...you were in there cheerin' & countin' like a pro when it was on Trump's account to 400k. You've been AWOL since Biden commenced to squattin' for his 640k...& counting.