As usual, republicans are blaming our fantastic president, Joe Biden, for problems caused by the horrible Orange Turd.
#trumpflation
— Hugh G Merriman MD (@merriman_md) January 17, 2022
Like so many of the problems President Biden is presently fixing, inflation began under trump... pic.twitter.com/lgcsJI9vUv
#trumpflation
— Hugh G Merriman MD (@merriman_md) January 13, 2022
Inflation began in the U.S. when trump dramatically increased the M2 money supply in June 2020 to artificially prop up his failing economy in advance of the elections.
Government spending doesn't cause inflation.
Expanding the M2 money supply does... pic.twitter.com/0Nx9C9weBO
| Why Democrats must fight GOP's fake "Bidenflation" price hike charge (excerpts from a 11/19/2021 CT Insider article by Dan Haar...
It's a ... big, fat lie. Not an error, not an exaggeration. A screaming fib, weaned on ideology and glorified by an angry base of followers who see bright reminders of inflation in gasoline signs and cannot, or will not, see a truth deeper than "Bidenflation". In fact, this round of inflation has its cause in the pandemic recession: the steps both White House administrations and the Federal Reserve in 2020 and 2021, had to take to keep the economy moving; and even more so, the bottlenecks caused by a global shutdown with plummeting prices, followed by pent-up demand for goods amid a mass migration from big cities to smaller ones. ...the signs point to a quick end because this round was not the result of the normal, long buildup of pressures — it was caused by the COVID-induced stop and restart. Economist Dean Baker... [argues] that not only is the ARP [American Rescue Plan] not to blame for overheating the economy, but if anything, "our problem may be too little demand rather than too much demand". ... "The expectation of higher prices changes behavior" — as consumers rush out to buy ahead of price increases, said Fred McKinney, a Trumbull economist... [but] "This is something that has the hallmarks of a temporary swing". Baker and McKinney... both point out that the 10-year bond market agrees with them, with low interest rates that further erode arguments about lasting inflation. |
According to Business Insider, "Americans are dealing with the worst inflation since 1990. But that's the price to pay for historic stimulus and a thriving recovery, and it's a price well worth paying ... This inflationary tab is one worth paying to prevent a catastrophe".
Sure, after the tRump administration bungled the coronavirus response, we didn't have any choice. Unless we wanted to plunge the US into a depression. And, while both the tRump and Biden administration passed huge stimulus bills, it was under the prior administration that the FED massively increased the money supply.
"The beautiful thing about our country is $6.2 trillion — because it is 2.2 plus four [combining the Fed money supply increase and the rescue bill] — it's $6.2 trillion, and we can handle that easily because of who we are, what we are", Trump said, speaking after the bill's historic White House signing ceremony, and boasting the package was "twice as large" as any prior relief bill.
(Above paragraph excerpted from "Donald Trump And The Fed Are Destroying The US Dollar", a 3/28/2020 Forbes article by Billy Bambrough).
In the 2nd tweet I posted (above), Hugh G Merriman MD wrote "Government spending doesn't cause inflation. Expanding the M2 money supply does".
Economics Help concurs, explaining that "increasing the money supply faster than the growth in real output will cause inflation. The reason is that there is more money chasing the same number of goods" (The link between Money Supply and Inflation by Tejvan Pettinger, 3/13/2019).
