>> Are you arguing that they should have either raised taxes or introduced austerity measures as the recovery was just beginning because Google told you it would have helped?
My point was that even a search engine AI will tell you there's way to fix it because your entire premise is that it wasn't fixable and therefore, not the admins fault. Clearly not the case on either point.
>> It would not have undone prior inflation and it could have strangled the recovery in the crib.
Dude, where are you getting this? Inflation was 1.4% when he took office.
Biden’s claim that the inflation rate was 9% when he became president is not close to true. The year-over-year inflation rate in January 2021, the month of his inauguration, was about 1.4%. The Biden-era inflation rate did peak at about 9.1% – but that peak occurred in June 2022, after Biden had been president for more than 16 months. The March 2024 inflation rate, the most recent available rate at the time Biden made these comments, was about 3.5%, up from about 3.2% the month prior.
This was from a CNN fact check: https://www.cnn.com/2024/05/14/politics/fact-check-biden-inf...
>> It wouldn't do anything about price gouging.
This is a myth. Harris was proposing using Carter era price controls to try and go after "price gouging". Not sure how old you are, but guess what happened when Carter tried that in the 1970's? It lasted less than 2 years before Carter compromised with Congress on a “windfall profits tax” proposal.
https://www.washingtontimes.com/news/2006/may/15/20060515-12...
The price controls resulted in a fuel-rationing system that made available about 5 percent less oil than was consumed before the controls. Consumers scrambled and sat in lines to ensure they weren’t left without. Gas stations found they only had to stay open a few hours a day to empty out their tanks. Because they could not raise prices, they closed down after selling out their gas to hold down their labor and operating costs, Mr. Sowell said.
When you use price controls, you get less of what you want, not more. This creates what we've already seen in the 1970's as noted above.
This also happened with Bruce Springsteen and how he was pricing his tickets:
Springsteen used to sell tickets to his concerts for very low prices because he wanted ordinary working men and women to be able to afford them. What actually happened: Ticket resellers bought up all the tickets. So a ticket with a face value of $30 went for $100, except $70 of that went to a third party. At some point it occurred to Springsteen that if tickets to his shows were selling for $100, it didn’t make a lot of sense for $70 of that to go to a middleman who not only didn’t write “Born to Run,” he didn’t even write “Workin’ on a Dream.” Years ago, Springsteen dropped his “friend of the working man” pricing policy, which is why the last time I went to one of his concerts the face value of the ticket was $350. Is Springsteen guilty of “price gouging” for denying ticket resellers the opportunity to make gigantic profits from his work and artistry? Were those resellers guilty of “price gouging” for selling those tickets for what people were willing to pay?
>> Also your preferred candidate has said he is going to drastically increase prices with massive tariffs. This isn't strictly inflation but the effect on your wallet will be the same.
This isn't how tariffs work. Tariffs are put in place to discourage people from buying products produced in China and instead buy American made goods and services. They work because people buy less goods from China. Those who do, then pay more so along with the increased revenue, the government is able to generate revenue from the tariffs. If you don't want to pay more for Chinese goods, then you have plenty of options to buy stuff from American producers or other countries like Taiwan, Japan and other countries.
Because I live in a market driven, capitalistic economy, I can make choices to avoid paying more for Chinese goods, or if I want to, I can still buy those goods, albeit at an elevated price point. Nobody is forcing you to buy Chinese goods. Therefore, no, it won't affect my wallet the same because I still have the choice of whether to buy those goods and services or go somewhere else. This is the complete opposite of how price controls work where the government is rationing products in order to maintain a price point.
>> I would talk to actual economists instead of Google.
I have a minor in economics, two of my best friends work in finance and graduated from Ivy League schools and worked on Wall St for a decade. My father was a self made millionaire and entrepreneur. I currently own two businesses and deal with this stuff on a daily basis. The fact remains that the Biden admin denied that inflation was happening. By the time they decide to act, it was so bad that any solution would involve quite a bit of pain as I previously pointed out. Had they just admitted inflation was going up, they could've acted sooner to deal with it. Ignoring it put them in a place where you either had to do nothing and allow a long winded market correction (which is what they did) or trigger a recession, or raise taxes, something nobody would be ok with - which then would've had implications for Biden's re-election which they weren't going to jeopardize.
So yeah, I do talk with actual people who actually know how the markets and the economy works and I myself actually know how this stuff works because I've been dealing with it for over two decades, with both Democratic and Republican presidents.
