5 ms·

Current administration created gazillions of dollars out of thin air, far more than previous ones. They deserve the credit.

gilbetron 5y ago
Hmm - this stimulus check seems odd, then: https://image.cnbcfm.com/api/v1/image/106514776-1588262659494gettyimages-1221870060.jpeg?v=1605545731 https://image.cnbcfm.com/api/v1/image/106514776-158826265949...
efdee 5y ago
[citation needed]
- GeekyBear 5y ago
  The enormous increase in money creation is very real, but it started in the last year of the Trump administration. https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL
  - brandmeyer 5y ago
    Relevant to interpreting M1 and its sudden jump in 2020: https://fredblog.stlouisfed.org/2021/05/savings-are-now-more-liquid-and-part-of-m1-money/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog https://fredblog.stlouisfed.org/2021/05/savings-are-now-more...
  - colinmhayes 5y ago
    Posting the m1 graph after they changed the definition is incredibly bad faith.
    - GeekyBear 5y ago
      The data is the data. However, the graph certainly does show another inflection point after the start of the Biden administration, that has nothing to do with the previous change.
      - colinmhayes 5y ago
        You can't compare the pre change derivative to the post change one, because they are literally measuring different things.
        GeekyBear 5y ago
        There wasn't 1.9 Trillion dollars in additional Federal spending at the second inflection point in the graph of the money supply? The Fed certainly expected at least some inflation from that much spending, although they seem to have missed the size of the increase. >President Joe Biden's $1.9 trillion American Rescue Plan is contributing to elevated inflation but it isn't expected to overheat the economy, a new research paper from the San Francisco Federal Reserve concludes. https://www.cnn.com/2021/10/19/economy/inflation-biden-stimulus/index.html https://www.cnn.com/2021/10/19/economy/inflation-biden-stimu...
        efdee 5y ago
        Inflation is currently high everywhere, not just the US. Can't blame that on the current administration. It might influence it a little, but things like energy pricing (which has gone x4 in just a year or so) has a lot more to do with it.
        GeekyBear 5y ago
        > Inflation is currently high everywhere, not just the US. Can't blame that on the current administration. After blaming Trump for a global pandemic, we probably don't get to use that excuse to shield Biden from blame when bad things happen under his watch. For good or ill, "the buck stops here" is a longstanding American tradition.
        efdee 5y ago
        I don't think I've seen anyone blame Trump for the global pandemic. What are you talking about?
TameAntelope 5y ago
If the cost of preventing additional hundreds of thousands of dead Americans is a year or two of substantial inflation increases, this administration did right by me.
- pdonis 5y ago
  > preventing additional hundreds of thousands of dead Americans But it hasn't. We have gotten the worst of both worlds: huge economic damage and lots of dead Americans. More Americans have died of COVID since the current administration took office than before that. And since governments around the world have demonstrated that they cannot stop COVID, the least they could have done was refrain from inflicting the economic damage as well.
  - TameAntelope 5y ago
    None of what you wrote here deals with what I said, which is that more Americans would have died, had we not spent the money we did.
    - pdonis 5y ago
      > more Americans would have died, had we not spent the money we did. But we don't know that that is true, and it doesn't seem likely based on the fact that the data shows no perceptible changed based on the money being spent; the variations in the data are entirely due to seasonality and different variants appearing.
      - TameAntelope 5y ago
        You don't think lowering healthcare costs, keeping sick people at home, and straight up giving parents of children cash resulted in fewer of the most vulnerable people in US society dying? And there absolutely was a substantial dip in deaths after the American Rescue Plan Act of 2021 was passed in March of 2021. Last summer was the closest to "back to normal" we've gotten since this pandemic started.
alphabettsy 5y ago
Far more?
MSM 5y ago
This administration has created a ton of money, but I also remember a previous administration going out of their way to literally put their name on the stimulus checks that were sent out following their trillions of dollars of stimulus passed...
- flavius29663 5y ago
  I don't understand this bickering about Trump signing the checks, I got a check from Biden as well, with his signature.
  - BitwiseFool 5y ago
    > "I don't understand this bickering about Trump signing the checks, I got a check from Biden as well, with his signature." Ah yes, but he only did that because Trump started it. /s
  - MSM 5y ago
    Him signing the check doesn't matter to me either way. However, there's some irony in the fact that we got money, printed out of nowhere, signed by the previous president, and yet there are people that act like inflation is solely a "current administration" problem.
    - flavius29663 5y ago
      The first stimulus was needed, the second was so-so, the third was just unnecessary and just a way for democrats some money themselves.
odonnellryan 5y ago
> Current administration created gazillions of dollars out of thin air, far more than previous ones. They deserve the credit. You mean the previous admin? Biden did not do much in response to covid.
triceratops 5y ago
Pretty sure Covid stimulus started in March/April 2020, before this administration. People somehow tend to have amnesia about stuff that began under Republican administrations after a Dem administration takes over. See also: the 2008 financial crisis, the Afghanistan and Iraq conflicts.
- flavius29663 5y ago
  2008 was caused almost single-handedly by Bill Clinton
- CountDrewku 5y ago

gilbetron 5y ago

Hmm - this stimulus check seems odd, then: https://image.cnbcfm.com/api/v1/image/106514776-1588262659494gettyimages-1221870060.jpeg?v=1605545731 https://image.cnbcfm.com/api/v1/image/106514776-158826265949...

efdee 5y ago

[citation needed]

GeekyBear 5y ago
The enormous increase in money creation is very real, but it started in the last year of the Trump administration. https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL
- brandmeyer 5y ago
  Relevant to interpreting M1 and its sudden jump in 2020: https://fredblog.stlouisfed.org/2021/05/savings-are-now-more-liquid-and-part-of-m1-money/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog https://fredblog.stlouisfed.org/2021/05/savings-are-now-more...
- colinmhayes 5y ago
  Posting the m1 graph after they changed the definition is incredibly bad faith.
  - GeekyBear 5y ago
    The data is the data. However, the graph certainly does show another inflection point after the start of the Biden administration, that has nothing to do with the previous change.
    - colinmhayes 5y ago
      You can't compare the pre change derivative to the post change one, because they are literally measuring different things.
      - GeekyBear 5y ago
        There wasn't 1.9 Trillion dollars in additional Federal spending at the second inflection point in the graph of the money supply? The Fed certainly expected at least some inflation from that much spending, although they seem to have missed the size of the increase. >President Joe Biden's $1.9 trillion American Rescue Plan is contributing to elevated inflation but it isn't expected to overheat the economy, a new research paper from the San Francisco Federal Reserve concludes. https://www.cnn.com/2021/10/19/economy/inflation-biden-stimulus/index.html https://www.cnn.com/2021/10/19/economy/inflation-biden-stimu...
        efdee 5y ago
        Inflation is currently high everywhere, not just the US. Can't blame that on the current administration. It might influence it a little, but things like energy pricing (which has gone x4 in just a year or so) has a lot more to do with it.
        GeekyBear 5y ago
        > Inflation is currently high everywhere, not just the US. Can't blame that on the current administration. After blaming Trump for a global pandemic, we probably don't get to use that excuse to shield Biden from blame when bad things happen under his watch. For good or ill, "the buck stops here" is a longstanding American tradition.
        efdee 5y ago
        I don't think I've seen anyone blame Trump for the global pandemic. What are you talking about?

TameAntelope 5y ago

If the cost of preventing additional hundreds of thousands of dead Americans is a year or two of substantial inflation increases, this administration did right by me.

pdonis 5y ago
> preventing additional hundreds of thousands of dead Americans But it hasn't. We have gotten the worst of both worlds: huge economic damage and lots of dead Americans. More Americans have died of COVID since the current administration took office than before that. And since governments around the world have demonstrated that they cannot stop COVID, the least they could have done was refrain from inflicting the economic damage as well.
- TameAntelope 5y ago
  None of what you wrote here deals with what I said, which is that more Americans would have died, had we not spent the money we did.
  - pdonis 5y ago
    > more Americans would have died, had we not spent the money we did. But we don't know that that is true, and it doesn't seem likely based on the fact that the data shows no perceptible changed based on the money being spent; the variations in the data are entirely due to seasonality and different variants appearing.
    - TameAntelope 5y ago
      You don't think lowering healthcare costs, keeping sick people at home, and straight up giving parents of children cash resulted in fewer of the most vulnerable people in US society dying? And there absolutely was a substantial dip in deaths after the American Rescue Plan Act of 2021 was passed in March of 2021. Last summer was the closest to "back to normal" we've gotten since this pandemic started.

alphabettsy 5y ago

Far more?

MSM 5y ago

This administration has created a ton of money, but I also remember a previous administration going out of their way to literally put their name on the stimulus checks that were sent out following their trillions of dollars of stimulus passed...

flavius29663 5y ago
I don't understand this bickering about Trump signing the checks, I got a check from Biden as well, with his signature.
- BitwiseFool 5y ago
  > "I don't understand this bickering about Trump signing the checks, I got a check from Biden as well, with his signature." Ah yes, but he only did that because Trump started it. /s
- MSM 5y ago
  Him signing the check doesn't matter to me either way. However, there's some irony in the fact that we got money, printed out of nowhere, signed by the previous president, and yet there are people that act like inflation is solely a "current administration" problem.
  - flavius29663 5y ago
    The first stimulus was needed, the second was so-so, the third was just unnecessary and just a way for democrats some money themselves.

odonnellryan 5y ago

> Current administration created gazillions of dollars out of thin air, far more than previous ones. They deserve the credit. You mean the previous admin? Biden did not do much in response to covid.

triceratops 5y ago

Pretty sure Covid stimulus started in March/April 2020, before this administration. People somehow tend to have amnesia about stuff that began under Republican administrations after a Dem administration takes over. See also: the 2008 financial crisis, the Afghanistan and Iraq conflicts.

flavius29663 5y ago
2008 was caused almost single-handedly by Bill Clinton
CountDrewku 5y ago