The Ministry of Truth thread

#777
#777
BowlBrother85 said:
Inflation is on the failed Republican junk social-science known as "Supply-Side Economics". It is on Art Laffer and the Republican Presidents who have trusted him and his crackpot theory.
Click to expand...

It doesn’t matter if you are right or wrong. Most people are going to blame the Biden administration. While he’s not to blame for all it it, he hasn’t helped either.

When they go to the ballot box they are going to associate their expensive gas, meat, produce, etc. with Democrat policy.
 
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#778
#778
DC_Vol said:
It doesn’t matter if you are right or wrong. Most people are going to blame the Biden administration. While he’s not to blame for all it it, he hasn’t helped either.

When they go to the ballot box they are going to associate their expensive gas, meat, produce, etc. with Democrat policy.
Click to expand...
I understand that, but people seem to think that inflation results instantly from bad policy. It doesn't. Those bad policies need time to be implemented in order to work their destructive magic.

It also drives me crazy to hear Republicans complain about inflation. If inflation was truly a concern of theirs, they would not have voted for Trump's 2017 Tax Cuts and Jobs Act. It was a highly inflationary measure, which the country did not need. The US economy was in a stage of robust economic expansion, which we know Republicans were well aware of, because they took full credit for it. Why were we cutting taxes, as if the economy needed economic stimulus? It made no sense, except for the fact that tax cuts are always popular with voters, under any circumstance. It was an incredibly unnecessary and irresponsible bill... and there is no blaming Democrats for it either... The 2017 Tax Cuts and Jobs Act is 100% on the Republican Party.
 
#779
#779
BowlBrother85 said:
Inflation is on the failed Republican junk social-science known as "Supply-Side Economics". It is on Art Laffer and the Republican Presidents who have trusted him and his crackpot theory.
Click to expand...

That's interesting. Seems really wrong given the 1970s and today. But interesting. So you don't believe the problem is the federal reserve, low interest rates, under production of goods, or increased government spending?

But rather, they didn't tax the mean rich people enough?

Please explain
 
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#780
#780
BowlBrother85 said:
Inflation is on the failed Republican junk social-science known as "Supply-Side Economics". It is on Art Laffer and the Republican Presidents who have trusted him and his crackpot theory.
Click to expand...

Did the Biden team not see the inflation coming?

Or

They did see it coming and have failed at containment?
 
#782
#782
Vol8188 said:
That's interesting. Seems really wrong given the 1970s and today. But interesting. So you don't believe the problem is the federal reserve, low interest rates, under production of goods, or increased government spending?

But rather, they didn't tax the mean rich people enough?

Please explain
Click to expand...
... but also, I didn't say that supply-side economics was the ONLY reason for this record inflation... but it is the most significant reason, in my opinion. There are other factors, of course.
 
#784
#784
BowlBrother85 said:
... but also, I didn't say that supply-side economics was the ONLY reason for this record inflation... but it is the most significant reason, in my opinion. There are other factors, of course.
Click to expand...

Then explain the mechanism. How does it cause inflation
 
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#786
#786
Vol8188 said:
I’ve seen these arguments before and they’re weak. The economy wasn’t strong in the 90s because of tax increases but rather because of the internet boom
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I agree with that ... but we weren't cutting taxes in the 90's either, now were we? No. Most presidents understand that you don't cut taxes during times of economic expansion. Only Trump the moron seems to think that's a good idea.
 
#787
#787
BowlBrother85 said:
I agree with that ... but we weren't cutting taxes in the 90's either, now were we? No. Most presidents understand that you don't cut taxes during times of economic expansion. Only Trump the moron seems to think that's a good idea.
Click to expand...

Taxes should always be kept as low as possible because by nature they’re a negative. Both morally and economically.

But saying “the 90s was a great decade” doesn’t prove anything about supply side economics. It’s a weak argument
 
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#788
#788
Vol8188 said:
Taxes should always be kept as low as possible because by nature they’re a negative. Both morally and economically.

But saying “the 90s was a great decade” doesn’t prove anything about supply side economics. It’s a weak argument
Click to expand...
I'm not going to discuss the moral ramifications of taxes ... LOL.

... but you are wrong that "by nature they're a negative" economically.
 
#789
#789
Vol8188 said:
Taxes should always be kept as low as possible because by nature they’re a negative. Both morally and economically.

But saying “the 90s was a great decade” doesn’t prove anything about supply side economics. It’s a weak argument
Click to expand...
I didn't say that it did.
 
#791
#791
BowlBrother85 said:
I didn't say that it did.
Click to expand...

Yet that’s exactly what your example article did. It compared the 80s, 90s, and 2000s and because the 90s were better it proclaimed supply side economics doesn’t work.

So through the transitive property, you did by promoting an example that did
 
#792
#792
Vol8188 said:
Yet that’s exactly what your example article did. It compared the 80s, 90s, and 2000s and because the 90s were better it proclaimed supply side economics doesn’t work.

So through the transitive property, you did by promoting an example that did
Click to expand...
That article said a lot more than that. That is a gross over-simplification of what was actually said. LOL. Good lord.
 
#793
#793
BowlBrother85 said:
I didn't say that it did.
Click to expand...
To think that tax cuts are most culpable for our current inflation is laughable as opposed to social security, Medicare, 0 percent interest rates for 7 years, offense spending, war on poverty, and low the character presidents we’ve had over last 40 years (we haven’t had one with an ounce of character or morality) are way more culpable than Bush’s top bracket paying 35.98% vs Obamas 35.99%.
 
#797
#797
BowlBrother85 said:
I understand that, but people seem to think that inflation results instantly from bad policy. It doesn't. Those bad policies need time to be implemented in order to work their destructive magic.

It also drives me crazy to hear Republicans complain about inflation. If inflation was truly a concern of theirs, they would not have voted for Trump's 2017 Tax Cuts and Jobs Act. It was a highly inflationary measure, which the country did not need. The US economy was in a stage of robust economic expansion, which we know Republicans were well aware of, because they took full credit for it. Why were we cutting taxes, as if the economy needed economic stimulus? It made no sense, except for the fact that tax cuts are always popular with voters, under any circumstance. It was an incredibly unnecessary and irresponsible bill... and there is no blaming Democrats for it either... The 2017 Tax Cuts and Jobs Act is 100% on the Republican Party.
Click to expand...


"The $1.9 trillion spending bonanza or so-called "Covid Relief" bill Democrats passed last March ignited the inflation a majority of Americans now cite as a "hardship." This is not something that’s seriously disputed outside of the White House.

Clinton/Obama economist Larry Summers called it "the "least responsible" economic policy in 40 years and former Obama economic advisor Steven Rattner called it "the original sin." Even Biden’s Secretary of the Treasury Janet Yellen recently said: "So, look, inflation is a matter of demand and supply, and the spending that was undertaken in the American Rescue Plan did feed demand." Enough said.
 
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#798
#798
BowlBrother85 said:
I understand that, but people seem to think that inflation results instantly from bad policy. It doesn't. Those bad policies need time to be implemented in order to work their destructive magic.

It also drives me crazy to hear Republicans complain about inflation. If inflation was truly a concern of theirs, they would not have voted for Trump's 2017 Tax Cuts and Jobs Act. It was a highly inflationary measure, which the country did not need. The US economy was in a stage of robust economic expansion, which we know Republicans were well aware of, because they took full credit for it. Why were we cutting taxes, as if the economy needed economic stimulus? It made no sense, except for the fact that tax cuts are always popular with voters, under any circumstance. It was an incredibly unnecessary and irresponsible bill... and there is no blaming Democrats for it either... The 2017 Tax Cuts and Jobs Act is 100% on the Republican Party.
Click to expand...

Lower taxes do not cause inflation.
 
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#799
#799
midnight orange said:
To think that tax cuts are most culpable for our current inflation is laughable as opposed to social security, Medicare, 0 percent interest rates for 7 years, offense spending, war on poverty, and low the character presidents we’ve had over last 40 years (we haven’t had one with an ounce of character or morality) are way more culpable than Bush’s top bracket paying 35.98% vs Obamas 35.99%.
Click to expand...
* No.... not just tax cuts by themselves.

Tax cuts in conjunction with massive amounts of government spending. The massive government spending associated with fighting two wars (Iraq and Afghanistan) for over ten years a piece, George W's war on terror and the COVID pandemic recovery.
 
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