Is the AP right wing media also?
One article to sum up Biden
- Thread starter TheGunner
- Start date
Notice the graph below, the US and EU inflation rates were tracking relatively closely until early 2021. Biden polices helped accelerate inflation in the U.S. compared to EU
EU Lagarde purposefully had lower stimulus in the EU due “massive” US stimulus. Someone was aware of Biden policies and potential effect.
“Massive” U.S. government stimulus is one reason why Europe is on a less aggressive monetary-policy course than the Federal Reserve, according to European Central Bank President Christine Lagarde.
U.S. Stimulus Is One Reason ECB on Different Path, Lagarde Says
“Massive” U.S. government stimulus is one reason why Europe is on a less aggressive monetary-policy course than the Federal Reserve, according to European Central Bank President Christine Lagarde.www.bloomberg.com
Facts & figures
Inflation in U.S. and Europe, 2016-2021
With inflation reaching 7.0 percent in the U.S. and 5.1 percent in the eurozone, predictions that rising prices would be moderate and temporary have been left in the dust. © macpixxel for GIS
Is high inflation in the U.S. and Europe here for long? – GIS Reports
Returning to a low-inflation path is likely to take years, not months, writes Enrico Colombatto in his article.www.gisreportsonline.com
Weird, the chart you show doesn't make sense. The caption says US reaching 7% and EU 5.1%, but your chart clearly shows both below 4%. And it also has to be dated, because the latest figure is US at 8.5%, and EU at 7.8%.
So I take a look at the source of your chart (tradingeconomics.com), and input US inflation rate and EU inflation rate, and take a long view of 25 years. This should be a more complete picture of what your chart shows, and yet I am not seeing US inflation significantly outpacing EU. In fact, it might even be argued the other way that recently, EU has steeper inflation than US .
Is the New York Times right wing media? 15 months into his administration Biden reverses course on his day 1 Executive orders attacking oil. Why would he do this if those day 1 Executive orders were so smart?
Biden admin - "We have the border under control". "Inflation is transitory". "Executive orders attacking oil". Well done Joe! Well done!
www.nytimes.com
Biden admin - "We have the border under control". "Inflation is transitory". "Executive orders attacking oil". Well done Joe! Well done!
Biden Plans to Open More Public Land to Drilling
The president is under pressure to bring down gas prices, but any new drilling would be years away. The fees that companies pay would rise sharply.
So I list a bunch of countries, and you completely ignore Germany, Belgium, and Netherlands, and just cherry-pick on Turkey? Is that how you engage in a conversation? You are just exposing yourself as someone who is close-minded and argues dishonestly.
The reason I include Turkey is to show how REALLY high inflation looks like. Turkey is not as remote as Zimbabwe or other exotic places - it is negotiating to be included in the EU. Because of its geographical location, I assume it must be a big trade partner with Russia / Ukraine. If so, that would explain the sky high inflation rate there, and which would also explain the record inflation rate we've seen pretty much everywhere in the world.
As for "absolutely no reason" for US inflation to be higher than EU, the fact is that we are pretty much always above them for the last 25 years. So you can keep saying "absolutely no reason" like an idiot, and that's your OPINION, but facts are facts. It reminds me of an IU moron saying "there is ABSOLUTELY NO REASON IU basketball is worse than Duke," but facts say otherwise.
This coming from someone that claimed Larry Summers said there was a 2/3 chance there wouldn't be inflation. Priceless
That's the response you have? Way to deflect the stupidity in your opinion that "absolutely no reason" US should have higher inflation than EU when history has clearly shown otherwise.
If the focus is just on inflation, Larry Summers did cite 3 equally likely scenarios, and two of those scenario didn't involve big inflation. You can keep spinning but what he said is what he said.
If the focus in just on inflation, EU is experiencing rapidly rising inflation similar to US.
You haven't provided one strong argument why Biden should take all the responsibility for inflation. All you have done is b!tching, cherry-picking, and confusing your own OPINIONS as facts.
1) I have never said Biden should take responsibility for all inflation. In fact I have said just the opposite. He is responsible for making it worse than it should've been.
2) you are about the only person in the country that is claiming Summers was wrong on inflation. Why you continue to lie about 2 scenarios not involving inflation is beyond me.
3) I have never said the US should be better than Europe on inflation at every single point in time. I couldn't care less when the U.S. has 2% inflation if Europe is at 1.8% some of that time. The US should've been better coming out of the pandemic. Biden f'd it up with the least responsible fiscal policy in 40 years with his 1.9M Stimulus. His attack on oil on day one of his presidency didn't help either. He continued plussed up unemployment compensation for way too long. Basic common sense stuff.
More data different source…my guess is that the charts look different due to your x-axis is expanded to 25 years versus 3-5 years.Weird, the chart you show doesn't make sense. The caption says US reaching 7% and EU 5.1%, but your chart clearly shows both below 4%. And it also has to be dated, because the latest figure is US at 8.5%, and EU at 7.8%.
So I take a look at the source of your chart (tradingeconomics.com), and input US inflation rate and EU inflation rate, and take a long view of 25 years. This should be a more complete picture of what your chart shows, and yet I am not seeing US inflation significantly outpacing EU. In fact, it might even be argued the other way that recently, EU has steeper inflation than US .
Chart A
Headline inflation and trimmed means(annual percentage changes)
Sources: Eurostat, Federal Reserve Bank of Cleveland and ECB.
Notes: HICP stands for Harmonised Index of Consumer Prices and CPI for Consumer Price Index. The trimmed mean excludes 16% of items for the US CPI (calculation by the Federal Reserve Bank of Cleveland) and 15% of items for the euro area HICP (based on ECB calculations). The trimmed means remove around 8% from each tail of the distribution of price changes in the euro area HICP and the US CPI each month. The annual rates of change are calculated using rescaled weights. The latest observations are for July 2021, except for euro area HICP, for which the latest observation is for August 2021.
Comparing recent inflation developments in the United States and the euro area
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
Also, I have little doubt that the Ukraine has impact EU inflation due to their reliance on Russia for energy. That’s happens when a supplier shuts of their source (Russia shutting off CNG to Poland and Bulgaria, so Poland and Bulgaria have to purchase CNG and other energy sources on the open market, raising the price of all energy commodities).
The point was I was making was why did inflation spike in the US first? Why is the EU trailing if Putin is the source? The EU should have been impacted first and worse than the US, but that’s not what happened. Why do you think that is?
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You are so funny. You have a very limited view, kinda like the frog at the bottom of a well, and seem to believe your OPINION is the only worldview. I am about the only person in the country claiming Summers was wrong?!? And that I am "lying"?!? Oh please. This is J. W. Mason, an economist at John Jay College:
Stop setting up strawman that someone accuse you of US better than EU on inflation at every single point in time. Your slimy trick of deflecting is no use, and only further expose yourself as a dishonest person in argument.
However, you did say, "There is absolutely no reason for U.S. inflation to be higher than European Union." That's your opinion, but the fact is, over the past 25 years, US has mostly had higher inflation than EU. Need me to show you the chart again? Like I said, IU fans can have a stupid opinion that there is absolutely no reason for IU to be worse than Duke in basketball, but reality shows otherwise. You are entitled to your opinion, but not facts.
Thanks. I notice the issue. Your article is from June 2021. When I follow your article and go directly to the source and update it to the latest data, mine looks much different. It has nothing to do with 25 years or 5 years. It clearly shows that the US and EU both are facing record inflation and are going pretty much going up together in sync.
I am no economist and I cannot give a definitive answer. There can be a gazillion of reasons why US spikes first. For example, it could be that US has a more robust economy than EU (thanks Biden??), and since the inflation rate is measured y-o-y, prices in US spike first before EU follows.
My point is not that I think that must be the reason. My point is that there are plenty of reasons and we just don't know. But you were adamant that it must be due to Biden. That just sounds like bias and close-mindedness IMO. I just maintain that I don't know, and there doesn't seem to be a particular reason stronger than the other, so I keep an open mind instead of jumping to conclusion.
As for the trailing data indicating, you could be correct. I had heard Lagarde question the amount of stimulus added by the US, thus the articles that were linked.Thanks. I notice the issue. Your article is from June 2021. When I follow your article and go directly to the source and update it to the latest data, mine looks much different. It has nothing to do with 25 years or 5 years. It clearly shows that the US and EU both are facing record inflation and are going pretty much going up together in sync.
I am no economist and I cannot give a definitive answer. There can be a gazillion of reasons why US spikes first. For example, it could be that US has a more robust economy than EU (thanks Biden??), and since the inflation rate is measured y-o-y, prices in US spike first before EU follows.
My point is not that I think that must be the reason. My point is that there are plenty of reasons and we just don't know. But you were adamant that it must be due to Biden. That just sounds like bias and close-mindedness IMO. I just maintain that I don't know, and there doesn't seem to be a particular reason stronger than the other, so I keep an open mind instead of jumping to conclusion.
I think one point you aren’t addressing is why for the prior 4 years (2017-2020) the US was 1.0-2.0% below the EU and now is on par with the EU.
(Thanks Trump?!?)
So maybe there has been an impact from Biden’s policies. Although that data is different from what I have read as I thought the US was slightly above the EU from 19-20 due to possible EU stagflation/limited growth. 🤷♂️
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J.W. Mason - "Summers got the right inflation outcome".You are so funny. You have a very limited view, kinda like the frog at the bottom of a well, and seem to believe your OPINION is the only worldview. I am about the only person in the country claiming Summers was wrong?!? And that I am "lying"?!? Oh please. This is J. W. Mason, an economist at John Jay College:
Stop setting up strawman that someone accuse you of US better than EU on inflation at every single point in time. Your slimy trick of deflecting is no use, and only further expose yourself as a dishonest person in argument.
However, you did say, "There is absolutely no reason for U.S. inflation to be higher than European Union." That's your opinion, but the fact is, over the past 25 years, US has mostly had higher inflation than EU. Need me to show you the chart again? Like I said, IU fans can have a stupid opinion that there is absolutely no reason for IU to be worse than Duke in basketball, but reality shows otherwise. You are entitled to your opinion, but not facts.
Charlespig - Summers was wrong about inflation in 2/3 of his scenarios?
Thanks for helping to prove my point. Summers was right about inflation.
Voting for Biden because you don't like Trump is like eating a dog turd because you don't like broccoli.
The root cause is energy.I always think it's perfectly fine to criticize, but at least be fair. That's what I always say when someone criticizes CMP. He is not above criticism (no one is), but at least the criticism has to be fair.
So let's start with inflation since it's first on your list. I think it is a huge problem, and the root of it is that governments have been printing money like crazy. But notice it is not a Biden problem. It has been an ongoing problem since Nixon ended Bretton Woods. And now we are all suffering from the consequences of years of money-printing. Look at all the EU countries, as a whole their inflation is 7.8% (France 5.1%, Germany 7.6%, Spain 9.8%, Netherlands 11.7%). US is 8.5%. Japan's inflation also jump to a 3.5-year high. Turkey is even at a crazy 70% year-over-year! Seventy f***ing percent, not a typo. It's a perfect storm of the Ukraine War (as Russia is a huge energy-producing country while Ukraine is a huge food-producing country, so it's a double whammy), plus the lockdown in China (which has taken over the manufacturing jobs for decades now). It is a huge problem everywhere.
Europe inflation rate by country March 2024 | Statista
The average inflation rate in the EU was 8.3 percent in March 2023, with Hungary having the highest inflation and Luxembourg the lowest.www.statista.com
So if we wanna complain about inflation, let's get to the root of it. Let's identify the issue, and let's come up with proposals for a solution. Let's have a conversation on how to reduce waste in the government, how to reduce entitlement programs, while at the same time address the issue that millions of people are living in poverty and not having enough to eat (I just spent yesterday volunteered at a soup kitchen feeding the homeless. I am seeing the issue first hand.). This will be a lot more productive and rewarding than just b!tching about Biden every day. At the end of the day, do you just wanna b!tch, or do you actually want the help the country?
Energy drives economies.
The European Countries NOW get their energy from Russia. Thus their high inflation.
There is no fkng reason why US energy prices shouldn't be the same as they were prior Biden.
Speaking of someone educating your dumbass @BuilderBob6 , why don't you give it a try? You have nowhere to go but up.
