Manchin tears into Biden over failing to stop record inflation

So what you had really meant, initially, was not that the Fed would be very mindful, so as not to stifle stock market growth, but that they would be careful not to push inflation to the other extreme, of a recession?

If so, I think it goes w/out saying, that the Fed always pays attention to to this side of the equation, weighing it into their decision. I also heard a well- known economist, tonight, talking about his forecast for the next six months and, barring any surprises, he painted an optimistic picture, with March having been the worst, and saying we should see a lessening of inflation, going forward. He also ticked off some of the other problems, as with supply lines, which have been rectified.

 

Dems are struggling so badly. From the day Biden was inaugurated he has never sought advice and counsel from the Republicans. This mess is his and his alone and voters will remind him and his fellow Democrats of that in November. Many sad days ahead for the Democrats.

 

Correct, they want inflation, but will reverse course at the first sign of the stock market being impacted negatively

 

lol, dems are happy we don't have Trump, Biden was better than the alternative

 

I don't know. Why was John McCain still a Republican after Trump and most Republicans trashed him from 2015 til his death?

 

How cute. And the search for a culprit other than Babbles/Kackles and the Democrats continues: A Fed funds rate that rounds to zero = Fed has boot on economy's neck.

 

The FED already hinted that they'll raise rates by 0.5% at their next meeting. There will probably be more rate hikes in the future. If those rate hikes lead to a recession, you'll be the first to cry "Biden did that".

Note, I support the current FED policy to hike rates, even though they'll slow the economy. But, then, I am not a hyper-partisan, who supports rate hikes only when the opposition is in power, but who wants the FED to cut rates when their own guy is in power.

 

You are still lost. The fact that the Fed has to destroy demand due to the shortages of the production of goods and services, is the symptom, not the cause.

Say it slowly: Destroying Demand does nothing to increase the supply of goods and services.

And for the Dem Spinners who are trying to claim that destructive inflation is emblematic of a red hot economy. It's not, inflation is a SUBTRACTION not an addition to real GDP. Look at how the "experts" adjusted their forecast for Q1 after the raging inflation report. Looks like they jumped off the ski slope

​

They looked at inflation report and the midline estimate was promptly cut in half.

"Sizzling Hot Economy" my ass.

It's just screw up after screw up after screw up, each followed with load after load after load of bs.

These guys are failures, it's time to elect new leaders and get some sensible policies and economic conditions restored.

 

There is literally no government action that can increase supply by private businesses, even reducing regulations per se that would solve the supply chain issues. Second, to combat inflation can occur by only three methods, two monetary and one fiscal. the fiscal policy would be to offer federal investment incentives, either guaranteed money and/or tax cuts, to those businesses to invest more in order to increase production. But that is no guarantee. The two monetary policies would include either increasing the required reserve ratio for members of the FDIC or increasing the interest rates. If the FED increases the required reserve ratio, the credit liquidity would go down, the investment would go down, and eventually, consumer spending would go down, especially the big-ticket items like vehicles, homes, commercial property, etc. If the FED increases the prime interest rates slowly while keeping the required reserve ratio the same, then the liquidity ratio would remain constant and only the cost of finance would go up. thus, less productive investments would be discouraged and businesses would only focus on projects with a guaranteed net positive FPV of the project to be developed. It would simply be the choices of businesses on which investments to consider and build. But again, that is no guarantee either.

 

Yes, I heard Manchin stated this, good on him. The conservative media won't even mention it because for them it is all about parties. How shallow of them, they just don't get it.

 

So while arguing that the US president is helpless and useless, they blame the Russian President? How is it that the Russian President can cause inflation but the US president is helpless before the same inflation? Sounds like another pile of crap spin job from the WH flacks.

More crap. And I've explained this to you repeatedly, prices are rising because of the economy is not generating a sufficient level of goods and services to meet demand. What the hell do you think that "gaps" in the supply are? They are SHORTAGES. Shortages of what? GOODS AND SERVICES.

So we have the Left playing stupid on the impact of regulation, and then you have Diaper Boy Bumbles suspending a portion of the clear air act, WHY? To increase the SUPPLY of fuel. Why increase the SUPPLY of fuel? Because increasing supply puts downward pressure on prices. So your pretense that is all great mystery to you is yet another spin job, and by golly, there is no shortage of finger pointing spin jobs, for you folks, just shortages of the things we actually need.

You're still lost and avoiding the obvious.

 

First, you cannot force people to buy goods Zorro nor can you force companies to produce more goods and services to bring supply levels up to match demand in a capitalistic society. Your proposal that focuses simply on more oil production by lowering regulations, opening Anwar and federal lands, and other such gimmicks may lower the price of gas, but not overall not inflation as a whole. None of that will have worked except give the oil and gas industry, or any other industry what they wanted all along while still not increasing refinery production AND ignoring the environment and labor supply-demand issues that exist. Perhaps you should look at why so many people are quitting their jobs after the pandemic and demanding a more equitable work environment in those service industries. Some are even leaving the US and going to places like France, Germany and other countries in Europe for that very same reason.

Yes, Republicans are blaming Biden for inflation in a capitalistic society, a political stunt. And Biden is pointing the finger at Russia, also a political stunt.

Finally, inflation is with ALL goods and services. Until the supply chain disruptions are corrected AND interest rates and/or required reserve ratios are stabilized with excess money supply, we will continue to have inflation. And if you think that is crap, we did this in the 1980s, under Regan, when both Paul Volcker and Alan Greenspan did with the FED.

 

He's prepping his own path to a change in party registration to win his next election.

 

Zorro is exactly right, If you reduce regulation, you in turn reduce cost to produce, that in turn increases American supply( you know the biggest user) and reduces gas price which directly reduces some of the inflation hikes. If you don't think American companies want to increase supply and even export at a lower cost to produce oil then I question your understanding of commerce. Biden hasn't had 1 inshore lease sale for oil drilling, the only President to do so in 5 decades. This hurt supply, he did have 1 offshore sale got sued and chose not to fight. Anyone who would think it's better to buy russian oil to protect the environment is wacko, we have the cleanest production in the world.

Do tell us how is one making money and paying for things while not working in protest for better wages? The political stunt is allowing Biden to blame everyone from beef producers, to truckers to Russians for our inflation that's some of the highest in the world. Americans will certainly show how they feel come november. We've literally got a president that's pushing even more spending/free money and saying I can't help inflation and I didn't do anything to cause it. Crazy times.

 

We got record-breaking inflation on the cusp of world war III, nothing at all done about covet but thank God the president isn't tweeting.

 

It's a double whammy on retire people, what do you think that is going to do to the Dems in the mid-terms. He's in the low twenties with 18 and 20 year old, even they are fed up with this ineptitude. I was exactly that age with Carter and became a fiscal conservative because of it as did LOTS of the baby boomers. I think we may see a repeat.

 

And not doing anything else and you are pleased with that. And spare us the tired refuted it's not his fault excuses.

Obama's economic adviserto Clinton and Obama

Former Obama adviser: Don't blame Russia, blame Biden for inflation rates
'This is Biden’s inflation and he needs to own it,' writes Rattner

MSNBC economic analyst and former Obama adviser Steven Rattner took President Biden to task on Thursday for claiming that Russian President Vladimir Putin's war in Ukraine is responsible for the soaring inflation Americans are facing at home.

Biden reacted to the staggering consumer price index report from the Labor Department in a statement Thursday, where he attempted to blame Putin for the documented 7.9% spike in consumer prices over the last 12 months.



In a scathing New York Times opinion column, Rattner said Biden's effort to deflect blame for a crisis of his doing, was "dishonest, simplistic and misleading."

"Blaming inflation on supply lines is like complaining about your sweater keeping you too warm after you’ve added several logs to the fireplace," he wrote at the time.
https://www.foxnews.com/media/msnbc-steven-rattner-inflation-biden-russia

Time for Biden and those who voted for him to own up to his and his policies failures. And then the question what are you going to do about it?

 

My post was sarcasm.

 

Reducing regulation is a libertarian fantasy world and will have no impact on inflation. Furthermore, spending is not the cause of inflation. Low-interest rates and an excess of the money supply to money demand, supply chain disruptions, and oil refineries not increasing production fast enough is what is causing inflation.

And considering we have a low unemployment rate, an older population because those baby boomers are beginning to retire in droves now, the low labor participation rate, and not enough of a birth rate is will negate that argument of yours, "ow is one making money and paying for things while not working in protest for better wages?"

As for importing oil, no Russian oil period. Not until the Russian government withdraws completely from Ukraine. Unless of course you agree with Putin's invasion. If that is the case, then maybe you should move there and be happy there, like Steven Seagal is. Choice is yours.

 

Yes. That era was followed by Ron I.

​

Maybe this one will be followed by Ron II.

​

 

There is no reason to think this. Manchin is simply a Conservative Democrat, from a Conservative state, from which he is a former governor, and in which, he is very popular, easily & routinely beating his Republican opposition (in a state that went for Trump by more than 30 points). So what possible reason would there be for Manchin to switch-- from a position that, his vote, makes him a coc* on the roost-- into a Party which is far less tolerant of independent views, is ruled by Donald Trump (for whom Manchin has no love), and where he would be under the whip of Mitch McConnell? It would be akin to changing out of his smoking jacket, in order to put on a straightjacket.




*Miscellaneous: even though I had been using the expression that refers to a male chicken, PF's obscenity controls block the word ****.

 

Jeeze, you are completely lost, if not dizzy. We do not suffer from an excess supply of goods and services without willing buyers. How can this possibly be news to you.

You think you have to force companies to produce goods and services? The production of goods and services in a Free Market Economy is their very reason for existence.

Yes, More supply reduces price demand. You are catching on.

Actually transportation costs do impact the overall economy, but, more specifically, we need more supply of every goods and service we are short on, not just fuel. Fuel is just one of many places where we have persistent shortages in the Babbles/Kackles/Dem economy of shortages and raging inflation.

Why do you assume that other nations produce fossil fuel in a more environmentally responsible manner than the US when in terms of air quality that we are one of the cleanest nations on the face of the earth?

You're still lost. Raising interest rates does not increase the supply of goods and services.

Completely different situation. We were dependent on foreign oil then, we had no choice. That is not the case today, we have the choice to be energy independent, as Trump demonstrated. Babbles/Kackles/Dems could not wait to attack our domestic energy industry, and they did, and their economic sanctions hurt them, slowed their production and prices have dramatically increased, just as everyone knew they would. So congratulations, Dems are the dogs that caught the car.

In 1981 the Prime lend rate was over 20% and the inflation rate was at 12%, or the prime rate was 166% of the inflation rate.

Today the Prime rate is 3.3% and the inflation rate is 9.2%. The prime rate would be over 15% today to match the 1980 rate, it's only at bit over a 1/5th that. We won't even get to half of 15% before this economy rolls over. The fools you follow around that feed you your talking points are either complete idiots or confident that you are. What they are telling you is completely untrue, which you should be catching on to as their predictions are continually falsified. Why would you listen to them, over Larry Summers who shouted from the rooftops that Kackles/Babbles/Dems March stimulus was a massive blunder that would light the destructive raging fires of inflation? He's not a seer, he was simply applying sound economic principles to the data.

WAR ON THE MIDDLE CLASS: Biden/Dems out to empty your pockets.

Inflation hits nearly everyone, and the impact is hard for the government to hide and when they keep lying about it, no one is fooled.

Vote for change,
Or all you'll be left with is a little loose change.

 

It would be better to stay in the Dem party under the whip of Schumer, aligned with the Squad and especially if they are by far the minority party?

 

The whole debate is how to reduce inflation. Your premise is to reduce regulation, increase oil production by opening up ANWAR and other Federal Lands and contract federal spending. Am I wrong here?

That was not my argument but even your plan is not going to increase goods and services to the extent to equal the demand of goods and services.

The argument is HOW to reduce price demand. Two options, demand pull or supply pull. You are opting supply pull, which rarely works to begin with.

No one is arguing that. However, Transportation is not the only factor here, which was the point I was making.

Never made that argument.

Never said it did. Just argued that it will control inflation, which is the whole point of this thread is it not?

It is not the question of where our energy resources come from, the argument again is how to control inflation. Please try to stay on topic.

Not really. IN 1980, the prime rate was 14.6% when inflation was at 13.8%. The FED raise interest rates by 2% in 1980 to the prime rate of 19% to 20%. By 1982, when the recession was beginning to set in, the FED dropped interest rates and inflation in 1982 was 6.16%.

https://www.bankrate.com/banking/fe...funds rate began,20 percent, its highest ever.

https://www.officialdata.org/us/inf...dollar had an average,rate in 1980 was 13.50%.

https://www.in2013dollars.com/infla... inflation rate in 1982,CPI in 1982 was 96.50.

True, but the question still remains, how to control inflation. Not much fiscal policy, as most have argued can control inflation including your ideas BTW. But with the FED, it can and it has in the past.

The Middle Class have been under "attack" for 4 decades now with a stagnant real wage while all costs increasing from homes to food to pretty much everything, under both GOP and Democratic admnistrations, even when inflation was low.

No one is disputing that. Again, the debate is how to control inflation.

Nice campaign slogan but cute campaign slogans does not win elections most of the time.

 

Neither Manchin, nor the Senate Democratic caucus are "aligned with the Squad." Perhaps, you meant to say, "allied?"

And, in answer to your question: if that-- for the sake of argument, only-- Majority Party, which you are suggesting would be better for Manchin to join, was possibly going to vote against accepting Democratic electors (which effort Manchin would not support), then he would be much better off opposing another attempted run around the Constitution, by Trump Republicans, as a Democrat, than to try to do that, among fellow Republicans.