Quote:
Originally Posted by Cody69
I think you misunderstand the argument, which is the same no matter who is in the Oval Office. The headline unemployment rate doesn't tell the whole story. If a lot of people have dropped out of the labor force for whatever reason (covid, early retirement, tired of searching for a job, etc.) then the official rate (U-3) arguably understates the true level of joblessness. For this reason, the Dept. of Labor each month also publishes unemployment rates using alternative definitions (U-4 to U-6) that include such omissions:
So make sure I understand of what you are saying, I totally agree with the accuracy of the report, what the topic in question is, is it different between the same report when Biden's in office compared to when Trump was in office with the same type of report.
Again rules/playbook, I just want the same rules so we can play fair for both parties.
Of course, the BLS uses the same methodology to measure unemployment no matter who is in office. The accuracy of the data doesn't change, only the spin given to it.
As far as inflation is concerned, nobody blames Biden ENTIRELY for its flare-up. But only an idiot would argue that his reckless spending and other misguided policies had NOTHING to do with it. I already slapped down tommy twice for making such a silly claim. Perhaps you missed it
I hope you are in no way referring to me as an IDIOT because I am just bringing up topics which are different in opinions on here.
No, it's not directed at you personally. No disrespect intended. Did you open the link and read my reply to tommy? I said his "dismissal of Biden's ownership of inflation is incredibly flippant, superficial and ignorant" - and then I explained why. Please read it again.
Again high inflation is in most countries not just the USA. No matter how much money is wasted. Both parties have done a good job on wasting in two different directions, some give to people that don't want to work, another party gives to the rich. Do I agree with what the wasteful spending is spent for, no way in hell. They could cut the budget in half as far as I am concerned
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Inflation is caused by multiple factors. Economists try to estimate which variables are stronger than others in driving up the inflation rate. They also run models to explain why it varies greatly from one country to the next. Why do think it's so much higher in Argentina (+211%!) than it is here (+3.4%)?
Government fiscal & monetary policies are the primary reason. Do you think people in Argentina are going to shrug and say "oh, it's just a worldwide problem" and not blame their government, which controls the printing presses for the currency (peso) they see eroding in value so quickly? Of course not.
When it comes to wasteful spending, a certain amount of stimulus was needed when covid hit in order to keep the economy from plunging into a steep, lasting recession. But after Biden came in, the Dems (who were in control of both Houses of Congress) kept the spending floodgates open way beyond what was warranted by the economic data.
That's not just my opinion. It's also the opinion of leading Dem economists such as Larry Summers and Jason Furman, both of whom served under Obama. Summers even wrote an article in the Washington Post warning that the $1.9 trillion American Rescue Plan that was passed in March 2021 (with zero Republican votes) was grossly excessive and would goose inflation. Turns out he was correct. When your own economists go on record warning you that your policies will contribute to inflation, and then the forewarned inflation flares up, why do you keep denying it?
