Inflation Hits a 39 Year High

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#1
thett3
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The latest inflation data is out, and it aint pretty: https://www.nytimes.com/live/2021/12/10/business/inflation-cpi-stock-market-news 

Year over year inflation has jumped to 6.8%. For perspective, if you're in a household making, say, $75,000 a year that's a $5,000 paycut taken this year. If this continued unabated, it will absolutely doom Biden. 

What do you guys think? Economics is not really my forte. I tend to lean left on economic issues but I think this would be the nail in the coffin for any additional near term spending by a reasonable government. To what extent is this Biden's fault? I know he will get the blame for it, so politically he needs to find a way to fix it or he's done. But what could've been done differently? What should happen now?
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I have to say I'm pretty enraged at the powers that be for letting something like this happen, especially in an environment with rock bottom interest rates. I'm insulated from this because all of my money is in the stock market and my house, but there are people who don't have that luxury, or don't trust the stock market (which is pretty damn overheated imo) and they just have to watch their money lose its value every year, as the result of deliberate policy actions? There are people living paycheck to paycheck who now have to stretch that paycheck another 7%. If you get 26 paychecks a year as most do, that's almost two entire paychecks, gone! How is that not theft?

I also remember earlier this year everyone insisting this was "transitory." My bullshit detector went off immediately and I was right. It's time to ignore anyone who made that claim. 2020 really was the election to lose...I can scarcely imagine how low Trump's approval ratings would be if he were still President and things played out the same (and lets be honest they probably would, other than the border crisis.) The 2022 elections probably would've been such a severe wipeout that Dems were assured the Senate for another decade. As it stands, if this is not fixed within the next three months I expect Republicans to emerge from 2022 with 55 senate seats, the four competitive Dem-held seats and one win out of nowhere. 


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"(CNBC poll) For the first time in any CNBC or NBC poll in history, Republicans have a double digit advantage going into the midterm. 44% say they'll vote Republican in 2022; 34% say they'll vote Democrat" 

In addition, this is even crazier in a historical context. For some reason the generic ballot underestimates Republicans in almost every election
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#4
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If Big Donald had even a modicum of self control he would be a heavy favorite (like greater than 80% chance) to come back in 2024. As it stands, Trump being President in 2025 is a coinflip despite everything. I would strongly prefer a new leader, but it's where we're at
#5
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@thett3
DeSantis would be much better for the country if it HAD to be a GOP politician.
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@thett3
For some reason the generic ballot underestimates Republicans in almost every election.
It's a known phenomenon that the polling giants are located in Democrat strongholds so it's hard for them to get accurate samples of polling.

It's also hard for them to word questions in a non-leading way as well.
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@thett3
I have to say I'm pretty enraged at the powers that be for letting something like this happen, especially in an environment with rock bottom interest rates. 
The ultra rich have a lot to gain from the destruction of the middle class. It reduces competition and increases their potential market share. All of the policies from QE to opening the border back up to paying people to not work were planned by ultra rich lobbyists. Politicians were just doing as they were told so they could keep their jobs.

Until people get mad at lobbyists in DC, none of this is ever going to change no matter what party is in charge.
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thett3
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@Greyparrot
All of the policies from QE to opening the border back up to paying people to not work were planned by ultra rich lobbyists. Politicians were just doing as they were told so they could keep their jobs.
It does seem like the establishment will pull out absolutely all the stops to keep the stock market going up and to keep the GDP growing. These are both worthy goals of course but sometimes you gotta let the market be a market. It was complete lunacy that the stock market was back to hitting all time highs a few months after COVID. I guess the government did significantly mitigate the financial impacts to businesses...but still...S&P 500 approaching 5000 lmao that is just insane
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@thett3
I really love the cognitive process of people supporting open borders. When presented with the fact that large industries overwhelmingly support open borders, the way they square that up in their brain is to think that "well even rich people have a heart and care about people all over the world"

Are you out of your fucking mind?
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@Greyparrot
Cognitive dissonance doesn’t go well with these people lol
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@Greyparrot
I really love the cognitive process of people supporting open borders. When presented with the fact that large industries overwhelmingly support open borders, the way they square that up in their brain is to think that "well even rich people have a heart and care about people all over the world"
yeah large amounts of low skill immigration helping the working class has always been a cheap parlor trick. more cheap labor can be helpful or detrimental to the overall economy depending on the specific situation. High skill immigration is pretty much always good for the economy (provided its actual high skill and not degree mill people who only know how to Google things.) But it can be bad culturally, again depending on the situation
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One thing you gotta hand Trump, he has aged pretty well despite being overweight and having a trash diet. I know he wears make up and stuff but you would never guess that he's only a few years younger than Biden, who really doesn't look like he would survive to the end of his second term if he were reelected 

Funny story I once saw him give a speech in a packed hotel ballroom in the middle of the June 2016 in Texas and the AC was out....by the end of it he looked like his face was melting lol. dude wears a lot of make up. I tossed my hat at him and he didnt catch it, but it did brush against his pen and one of his security people gave it back to me
#13
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@thett3
Inflation is the nature of the system.
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@thett3
He doesn't just have a ton of makeup, his wig hides his bald head.

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@ILikePie5
Cognitive dissonance doesn’t go well with these people lol

Goes with the TDS.
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@thett3
It’s a global issue so it’s not Biden’s fault, but you’re right that he absolutely will get the blame for it. It’s the ultimate flaw in our political system; we act as though our presidents are kings so when the elections roll around every 4 years they have to promise the world in order to get elected, then once in office they can’t do a damn thing without congress. And even in the case like this where it’s beyond an national issue, the fact that they made these big bold promises will always come back to bite them.
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@Double_R
I don't think Biden could even stop all the QE flooding the economy with cheap dollars right now even if he wanted to. The fed is supposed to be independent.
#18
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@Greyparrot
QE? We’re back to this?
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@Double_R
Do you have a problem with stopping QE?
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@Double_R
Come now, you must have some unresearched opinion on QE. Let's hear it.
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@Greyparrot
Aren’t you the one who blamed inflation on Biden citing QE even though it was even worse under Trump?
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@Double_R
What do you think Biden could do to pressure the fed then if you are against QE?

What is your unresearched opinion of Trump's position on QE since you insist on bringing the orangeman into every discussion about current politics?
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@Greyparrot
I never said I had an issue with it, I was asking if you’re really serious about going back to this. One would think after being shown what nonsense their argument was the first time that they would drop it.

And yes, I’m going to bring Trump into the conversation anytime I’m arguing with someone who had no problem with Trump doing the same thing they are now now attacking Biden for.
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@Double_R
I’m arguing with someone who had no problem with Trump doing the same thing 

Bullshit. You know I think Trump is a retard.
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@Double_R

I was asking if you’re really serious about going back to this.

What do you think Biden could do to pressure the fed then if you are against QE?

Can we please discuss the present? Or is scoring cheap points against a guy we both don't like more productive in your eyes?

Cause that's probably got NOTHING to do with present day inflation and everything to prove just how unserious you are at discussing real solutions to real problems.

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@Greyparrot
I never said I was against QE, and there’s very little Biden can do. The inflation we are experiencing is primarily a result of the disruptions to the global supply chain, Biden has little to no control over that.

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@Double_R
Biden has little to no control over that.
You're right. It's Congress that authorized the payments that hurt employment and State Governors that imposed lockdowns that destroyed businesses and supply.

One thing I hope everyone, especially people on the right can see is that when states like California implement bad policies, it affects the entire national economy. There's no actual "escape to Florida" solution here.
#28
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@thett3
I have to say I'm pretty enraged at the powers that be for letting something like this happen, especially in an environment with rock bottom interest rates. I'm insulated from this because all of my money is in the stock market and my house
I just hope home prices keep skyrocketing then I'm going to cash out and be a lazy bum until I'm dead.
#29
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@thett3
It is so obvious when a certain topic starts getting pumped by the conservative think tanks for strategic reasons. All of a sudden all of the conservatives are talking about "inflation" - before that it was "wokeness" - before that "CRT" - and so on. Talking points arise all at once, in a very clearly coordinated way, and at strategically chosen points in time. Does it bother you that the buzzwords you will be repeating in 6 months from now are currently being carefully planned and agreed upon in a discussion somewhere of some conservative advocacy group you know nothing about?
#30
Lemming
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@rbelivb
No, because the buzzwords are often chosen because the common people 'already have an issue with them, and are 'already repeating the words themselves.
Certain words, ideas, concepts are 'chosen by strategy groups, because they matter to the public, if they chose a word the public 'didn't care about, they'd fail in their goals.