What Happened to Inflation? Bidenomics

[mogandave]

1 minute ago, Roo Island said:

The link shows a significant change in the numbers. Not unusual. Unless you fall for the right wing misinformation

Making year another false claim, what a surprise 

[Patong2021]

1 hour ago, mdr224 said:

Gas prices have also been kept artificially low before elections as well. As soon as democrats stay in power things go back to the way they were, skyrocketing prices for everything

 

Gas prices follow cyclical patterns. Every summer in the USA, there is a spike that reflects the shut down of refineries for annual maintenance and increased demand of summer holiday drivers. The costs follow historical trends.

 

Covid distorted the impact of  inflation because there was a massive drop in the demand  for gas for  almost a year during Covid as people worked from home and no one traveled. Once the economy reopened there was a jump in demand and  this was reflected in the  cost as demand exceeded the supply for a short time. The cost data  shows  this.

https://ycharts.com/indicators/us_gas_price

[mogandave]

14 minutes ago, Patong2021 said:

 

This is an exaggeration. They can afford basic groceries. Junk food and  unhealthy over processed food have increased in cost, but healthier food costs are holding steady or have decreased.  Bags of Doritos that have  become smaller and now cost USD 5 v $2.50, and junk food like hotdogs that were $7.50 are now  $10.00. Eggs and dairy products have come down in costs over the past year. Look at the data.

The average price of food in the United States rose by 2.2% in the 12 months ended July 2024. That's not bad considering the fact that labour costs and middleman costs have increased. 

 

It boggles the mind that people blame the federal government for  food prices.  Agricultural management is primarily a state mandated jurisdiction. Local labour management is primarily a state  mandate. The federal government indirectly subsidizes  food costs  through its billions of dollars handed pout to farmers for farming subsidies. Cheap farm labour is also provided by way of the  migrants both legal and illegal who enter the USA. The US House of representatives authorizes the spending and the House is Republican controlled. The same people who complain about government spending and migrants are the same ones  complaining about food costs. 

 

It's all about priorities. Instead of spending on junk food, soda, tobacco and alcohol people can purchase  better quality food and healthier products. 

Yeah, eggs are way down.

 

[Roo Island]

14 minutes ago, mogandave said:

Making year another false claim, what a surprise 

You didn't even read the link. Figures

[Roo Island]

1 minute ago, mogandave said:

Yeah, eggs are way down.

 

Your graph is out of date. Show one to today

[mogandave]

21 minutes ago, Patong2021 said:

 

This is an exaggeration. They can afford basic groceries. Junk food and  unhealthy over processed food have increased in cost, but healthier food costs are holding steady or have decreased.  Bags of Doritos that have  become smaller and now cost USD 5 v $2.50, and junk food like hotdogs that were $7.50 are now  $10.00. Eggs and dairy products have come down in costs over the past year. Look at the data.

The average price of food in the United States rose by 2.2% in the 12 months ended July 2024. That's not bad considering the fact that labour costs and middleman costs have increased. 

 

It boggles the mind that people blame the federal government for  food prices.  Agricultural management is primarily a state mandated jurisdiction. Local labour management is primarily a state  mandate. The federal government indirectly subsidizes  food costs  through its billions of dollars handed pout to farmers for farming subsidies. Cheap farm labour is also provided by way of the  migrants both legal and illegal who enter the USA. The US House of representatives authorizes the spending and the House is Republican controlled. The same people who complain about government spending and migrants are the same ones  complaining about food costs. 

 

It's all about priorities. Instead of spending on junk food, soda, tobacco and alcohol people can purchase  better quality food and healthier products. 

Oh, hear’s that farm bill, mostly welfare.

 

[KhunLA]

42 minutes ago, mdr224 said:

People here cant afford groceries anymore. Government and media can make up any statistics they want its not going to change the reality

So true ... 

[mogandave]

16 minutes ago, Patong2021 said:

 

Gas prices follow cyclical patterns. Every summer in the USA, there is a spike that reflects the shut down of refineries for annual maintenance and increased demand of summer holiday drivers. The costs follow historical trends.

 

Covid distorted the impact of  inflation because there was a massive drop in the demand  for gas for  almost a year during Covid as people worked from home and no one traveled. Once the economy reopened there was a jump in demand and  this was reflected in the  cost as demand exceeded the supply for a short time. The cost data  shows  this.

https://ycharts.com/indicators/us_gas_price

Here go your gas prices:

[mogandave]

2 minutes ago, KhunLA said:

So true ... 

SNAP is the big “farm subsidies” Patong was talking about. Just drives prices up.

[mogandave]

16 minutes ago, Roo Island said:

You didn't even read the link. Figures

I thought you didn’t have time to support your false claim, but here you are making more false clams. 

[Patong2021]

35 minutes ago, mogandave said:

Oh, hear’s that farm bill, mostly welfare.

 

 

$15 Billion in direct farm subsidies is still $15 billion.   Go into more detail and you will see that agricultural  subsidies are  imbedded in multiple food and nutrition programs. For example, the school lunch programs, are guaranteed purchases of products from various agricultural sectors.  Even the Depart of Defense gets in on the act as DoD contractors are used to  deliver food supplies.

 

As per the USDA

-Purchases about 2 billion pounds of food from American farmers each year

- Includes the National School Lunch Program (NSLP), the Child and Adult Care Food Program (CACFP), and the Summer Food Service Program (SFSP).

-USDA Foods are available via one of three methods:1. Direct Delivery 2. Bulk for Processing 3. USDA Department of Defense (DoD) Fresh Fruit and Vegetable Program 

-USDA Supports American Agriculture USDA has a dual mission of providing healthy food to children and supporting American farmers. 

 

[Patong2021]

42 minutes ago, mogandave said:

Here go your gas prices:

 

Ok so it is the link that I provided and shows the disruption related to Covid. Gas prices are similar to where they were in 2015. If we adjust the $  for time changes, the cost is lower. So, I guess that means that the  actual cost of gas for US consumers is now lower than almost a decade ago. Wow. The Biden administration really did well then.

Edited August 23 by Patong2021

[Roo Island]

1 hour ago, mogandave said:

I thought you didn’t have time to support your false claim, but here you are making more false clams. 

What false claim? Your drinking the kool-aid from the dodgy right wing. Stick to the facts. Not the alternative facts

[TedG]

2 hours ago, KhunLA said:

If the inflation on the chart is correct, not, then how come we got a COLA of 3.2%, for 2024 when that, the COLA is calculated with prices from July to September.  Where the chart shows a high of only 2.5%

 

They just pull the #s out of any orifice they please 

Really ... it's raining, disregard it yellow

 

 

 

 

The formula used to calculate COLA utilizes an average of the CPI-W from the third quarter of the current year (A) and the third quarter of the previous year (B). The formula is (A-B) / B * 100 = I.

 

CPI-W

 

https://www.bls.gov/regions/mid-atlantic/data/consumerpriceindexhistorical1967base_us_table.htm

 

  

 

Avg  2022 = 869.483

Avg  2023 = 879.29 

 

879.29 - 869.483 = 27.807.           27.807/869.483 = 3.191%

 

 

 

 

 

Edited August 23 by TedG

[mdr224]

1 hour ago, Patong2021 said:

 

Ok so it is the link that I provided and shows the disruption related to Covid. Gas prices are similar to where they were in 2015. If we adjust the $  for time changes, the cost is lower. So, I guess that means that the  actual cost of gas for US consumers is now lower than almost a decade ago. Wow. The Biden administration really did well then.

Gas in this country has never been higher, except for this time before elections where government is suppressing the price

[TedG]

3 hours ago, Patong2021 said:

 

If your claim was even remotely true, we would not have seen inflation anywhere else. And yet, inflation exploded all over the world. The USA in contrast performed better or similar to other  advanced economies. For example, Hungary is a nation that has the exact opposite  of "Bidenomics"  and it had an inflation rate of 14.6% in 2022 while the USA had 6.5% Australia had 6.59% with Canada  at 6.80%.

 

Your argument is not based in actual fact, but is a statement intended to support your political agenda. 

 

The US had demand inflation.  Europe saw inflation via Energy prices. 

 

 

While the European and US inflation situations mirror each other to a certain extent, a key difference according to experts is that European inflation has been largely influenced by energy prices, whereas in the US, surging demand backed by a booming economy has pushed prices back up.

 

https://www.dw.com/en/beating-inflation-how-do-europe-and-the-us-compare/a-68976653#:~:text=While the European and US,has pushed prices back up.

[TedG]

3 hours ago, Roo Island said:

Paywall. But. He inherited a mess from Trump.

 

https://www.nbcnews.com/business/economy/trump-inherited-booming-economy-handed-biden-nation-shambles-n1255033

 

Trump inherited a booming economy — and handed Biden a nation 'in shambles'

 

“If you're the average person, do you care if GDP was 3.2 or 3.4 percent? No, you care if you have a job,” said one economist.

The fact is, Joe Biden's policies pushed inflation. 

[nauseus]

8 hours ago, Roo Island said:

I'm guessing you fall into this category.

 

First, there are inflation truthers — people who claim that the official numbers can’t be trusted and that inflation isn’t really way down. In general, people who say such things have no idea how the Bureau of Labor Statistics goes about collecting price data and how hard it would be to fake the numbers.

 

Well we know now. They just found 818,000 jobs, sorry lost 818,000 jobs.

[nauseus]

7 hours ago, Roo Island said:

Don't have time right now. But this isn't unusual.

 

https://eu.usatoday.com/story/money/2023/08/23/jobs-report-employment-down-306k/70658639007/

 

The adjustment is usual but the total number is plain embarrasssing.

[nauseus]

6 hours ago, Roo Island said:

What drivel did I post?

 

Take your pick.

[koolkarl]

How does the government calculate inflation, using the price of used furniture? Everything has been going up far more than posted inflation rate for years. All governments are swimming in debt due to this fiat money system so it is their benefit to massage the inflation figures down so they can reduce interest rates to make their debt more manageable.  After all, you are paying them to tell the truth.

[mdr224]

2 minutes ago, koolkarl said:

How does the government calculate inflation, using the price of used furniture? Everything has been going up far more than posted inflation rate for years. All governments are swimming in debt due to this fiat money system so it is their benefit to massage the inflation figures down so they can reduce interest rates to make their debt more manageable.  After all, you are paying them to tell the truth.

Its comical. Feel bad for people still listening to their government. Im buying bitcoin

[spidermike007]

I believe Trump started this hyper inflationary cycle when he declared an insane trade war on China and Huawei, with hardly anything to back him up, other than hollow threats, and sanctions, which only hurt the US economy, and US consumers and businesses. The Chinese sensed sanctions coming and went out and cornered the world market on rare earth, chips, motherboards, circuit boards, and other materials. Companies started ramping down production due to Covid. When they started to order these elements and parts, none were to be found or the price had skyrocketed. It started a massive supply chain issue with cell phone, computer and automotive components. Then the shipping issues came later. Then came corporations engaging in historic price gouging. 

 

Few want to look back at where this started. Easier to just make it a talking point, and blame Biden. At the time I said it was the single dumbest thing a politician had done since Chamberlain denied the bad intentions of the Nazis. Trump created hyper inflation, singlehandedly. Thanks, Don.

 

[Presnock]

17 hours ago, Hanaguma said:

I think a better title would be "What created inflation? Bidenomics".   The jumps in basic costs, especially housing and food, are hard for ordinary Americans to bear.  And they have the Biden/Harris administration to thank for it. 

And from what I hear from friends and family in the US, prices in stores including essential foods have yet to come back down at all.  

[Wrwest]

15 hours ago, Will B Good said:

 

 

Wasn't it Trump who shut down the economy?

And I seem to recall a massive increase in government debt as a result of Trump/Republican actions? (Rhetorical).

[Wrwest]

14 hours ago, TedG said:

I’m reminded of high prices whenever I visit the grocery store. 

 

The left is doing a touch down dance over the new normal. 

Yes, I am feeling the prices increases. Wait, what? Oh right, I live in Thailand ...

[impulse]

10 hours ago, Roo Island said:

Are you an economist?

Why? Do they ever get predictions right?  Better than a coin flip, I mean...

 

Even after it's over (whatever IT is), economists will be arguing for years who/what caused it, and how bad it really was. 

 

[wimpy]

17 hours ago, Will B Good said:

 

Nothing to do with covid 19 and global supply issues.....how did Bidenomics managed to cause almost identical inflation in the UK and EU.....Mmmmmm?

They practice the same unsound monetary policies as the the US. And it is not just Biden. Both parties do it.

 

[wimpy]

30 minutes ago, Wrwest said:

Yes, I am feeling the prices increases. Wait, what? Oh right, I live in Thailand ...

Have you compared the price of pork to several years ago?

[Will B Good]

14 hours ago, maesariang said:

Dems would have had bigger shutdowns. Lefties worldwide wanted it. 

 

Like Hungary, the UK and Israel you mean?