this post was submitted on 15 Sep 2024
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Sounds exactly like Boris Johnson, prime minister in the UK and notorious for making up stories. He basically steered the UK economy in a dive and parachuted out so another imbecile was at the wheel when all the warnings began to blare. Stories don't make for good policies.
That's basically what the Trump Administration did, tho they were voted out. When Trump was complaining about the Biden economy during that talking point ad disguised as a debate, I kept getting frustrated that Harris didn't say they were cleaning up his mess...in retrospect, I imagine that she wanted to distinguish herself from Trump's repeated that wasn't me that was you strategy.
Trump used all the financial emergency tools when the economy was good. He lowered taxes and interest rates. This supercharged the economy, but left us vulnerable to normal market dangers since we had nothing stable and reliable left in the event of an unforeseen contraction. Despite economists objecting and even resigning in protest, he still pushed it through because the general population doesn't understand how the economy works. All they would see are Trump POTUS = good economy.
Obama left us with a pandemic response team to stay ahead of any possible pandemics at the advice of leading scientists. Trump disbanded the entire thing for no objective reason, just power, control, and hate. Then, COVID happened.
The COVID pandemic alone saw the worse market sell-off since the Great Depression. We were hitting multiple circuit breakers per week to stop a complete market sell-off. It was so bad, that just owning futures of oil was literally a loss because you had to pay to store it since no one was buying. People went bankrupt from one day to the next for merely owning oil.
The money printer go brrrrr meme happened under his admin to prevent the economy from spiraling out of control. GAS GAS GAS!! The underlying joke was that they kept saying that inflation wasn't going to suffer the largest creation of currency in the country's history. It was straight lies because how is an immense injection of trillions of dollars with no remarkable increase in production of goods not going to cause inflation? It's impossible.
The low-ass interest rates with a halted economy left very few places to invest money, so that went into the stock market and corporations buying houses. Interest rates were lower than stock market returns, especially since the government showed it would intervene, so wealth was flowing from one to the other creating absolutely no tangible value yet accumulating wealth for the people that could afford it. It was basically a relative wealth robbery of the middle class right out in the open.
To solve the inflation crisis, Biden had to jack up interest rates. Now, no one wants to sell their house to get into a new loan with double the interest rate, which is exacerbating the housing shortage. Meanwhile, house insurance is skyrocketing due to climate change and the government hasn't done ahit about it.
I don't think anyone could get away with effectively hurting the economy worse than Trump did. Someone or the general population would've intervened.
These blatant lies are ridiculous. Seriously, from the economy to pointless rally attendance numbers, everything those people say is the opposite of truth. Whatever they blame on someone else is what they did. Whatever they claim they did is what someone else did. It's like living in a crazy opposite land. Freaking, they stole the playbook right out from George Orwell. ughh!!
edit: typos and word choices
That's exactly it. "You did it", "no you did it!" finger pointing doesn't accomplish anything.
Also it's not entirely truthful. This inflation is a global phenomena. Not everything about the economy is under the President's control. The US has fared better than most countries and the world and Biden has managed the aspects of the economy he could extremely competently. It's damn near impossible to come out of an economic situation like this without a recession, but he pulled it off.
But people when people feel the economy is bad telling that "the economy is good actually" just makes a candidate seem out of touch. Really what's needed is some trust-busting (which is in the works) and raising taxes on the wealthy (also in the works). But there's still a lot of people that believe the trickle down stuff (including the undecideds that Harris needs to get), so that won't do either.
Inflation is always problematic politically. Someone gets a raise that matches inflation, they feel like they gained something they earned. We actually term it a pay raise (when it really shouldn't) and employers most definitely present it as something they're generously giving the employees. So people don't see inflation as being the reason they got a pay raise, it's simply the reason their pay raise was taken away from them. Inflation is difficult to explain because there's multiple reasons for it, and trying to explain concepts around the velocity of money to someone angry about inflation isn't going to go well. People tend to just say "it's because the government is printing money" even when interests rates have been increased which is the opposite of printing money.
So yeah the economy is a complicated subject. So... "we're going after the corporations for price gouging and we're gong to bring down the cost of medicine" are the things Harris is saying because one minute is not enough time to explain the real complexities of the economy to people that believe the "trickle down" nonsense.