Inflation was hitting as soon as we opened up our economy....it would have happened much sooner had it not been for that seconds wave. He'll were China to open up balls to the walls....we'd have much much more.
There has been a huge recalibration in supply chains and energy flows, in case you haven't noticed.
Nothing Biden could do about what happened....oh he could have cowtowed to Putin and gave him Ukraine but Putin would be rolling in t o Germany by now!
Originally Posted by WTF
Nothing Biden could have done my ass. You mentioned one thing, open back up to China, or at least slash the tariffs on toys, clothes and kitchen implements and the like. And the second and more significant would have been not to pass the American Rescue Plan, which even Larry Summers said was going to supercharge inflation.
I'd dare say a couple of those refineries mothballed during COVID would have re-opened if not for Biden's threats to knife the fossil fuels industry. Same for utilizing some of the excess capacity in the oilfield last year. That would have had a favorable effect on gasoline and other petroleum product prices. He rescinded many of Trump's executive orders that lowered the level of regulation on business. Good or bad, that drives up costs which are passed onto the consumer in the form of higher prices.
As to inflation hitting as soon as we opened up the economy, it was 1.4% YoY when Biden took office. And at least where I live, everybody had been back to work for six months. The first big bump up, to 4.2% in April and 5.0% in May, occurred when those $1400 per person checks were being spent. I guess everyone was buying stuff, like adav8s28's buddies who got new big flat screen TV's!!!
Inflation was already running 7.5% the month before Russia invaded Ukraine. Blaming inflation on Putin and Ukraine and entirely giving the Biden administration and Congress a pass is disingenuous. You're not giving the Trump administration a pass, are you, even though those big spending bills during COVID originated in Nancy Pelosi's House?