Politics The Joe Biden Thread

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tlongII said:
I have no idea how they can call that an “Inflation Reduction Act”?
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1. You can name a bill whatever you want
2. It does have the net effect of reducing inflation. See #3.
3. Larry Summers is an ass, but he's not wrong here.

barfo
 
tlongII said:
I have no idea how they can call that an “Inflation Reduction Act”?
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This bill increases the amount of revenues the government will receive, and at a far higher level than the outlay in spending. Any time the government takes money out of the economy through taxation more than it is spending on other items has the net result of being deflationary as there is now less capital out there in the world that is available to be spent on the same quantity of goods.
 
Apparently Biden and Xi will be meeting in mid-November during a Group of 20 summit. I doubt that would be scheduled if there was any chance China was going to do anything like invade Taiwan. Xi is visiting Saudi Arabia next week. Would hate to be in the press pool for that event, good chance of being poisoned.
 
barfo said:
He isn't wrong - but he's mostly making strawman arguments. The title of the bill isn't "The Complete And Permanent End Of Inflation Act".

I'll grant his point that it will have a relatively small effect on inflation - but I'll also grant Summers' point that it will be in the right direction.

barfo
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It will have little to no effect on inflation. That much is clear to me.
 
tlongII said:
It will have little to no effect on inflation. That much is clear to me.
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You should sue for wrongful bill-naming, then. It may have caused you emotional injury and mental anguish, trauma, an inability to form close relationships, and nightmares.

barfo
 
barfo said:
You should sue for wrongful bill-naming, then. It may have caused you emotional injury and mental anguish, trauma, an inability to form close relationships, and nightmares.

barfo
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Who can I sue?
 
Biden frontrunner for ‘Lie of the Year’ award as many in media look the other way

https://www.msn.com/en-us/news/poli...A10EtYI?cvid=321d8c8d45884faeb63977f3c3a23ef8

That was President Biden speaking to the country last Wednesday. His administration has attempted to redefine what infrastructure means (it’s not only about improving roads, bridges and power grids, but also about paid family leave and child care) and what a recession means (it’s not two straight quarters of negative GDP growth anymore). But it just moved into the lead to win the “Lie of the Year” award with the claim that the U.S. economy is experiencing zero inflation.

The facts: Inflation still stands near a 40-year high and came in at 8.5 percent in July.

“Prices have risen across a wide range of goods and services, leaving most Americans worse off,” the AP reported this week. “Average paychecks are rising faster than they have in decades — but not fast enough to keep up with accelerating costs for such items as food, rent, autos and medical services.”

In other words, the money coming into the average household still isn’t keeping up with the cost of everyday items. But the president and this administration decided to turn the most basic economic norms on their head for cheap political gain by arguing that since the inflation rate fell by six-tenths of a percentage point to 8.5 percent in July compared to the same month of last year, that somehow means zero percent.

As a fun game to play on a summer weekend, imagine what would have happened if the previous president attempted to spin numbers with alternative facts in this fashion. The U.S. media would have screamed about the need for transparency and truth, and the fact-checks and scathing editorials would commence. Yet that didn’t happen here with his successor.
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This part shows the blatant media bias in American media nowadays.
 
It does show media bias towards incredibly stupid takes.

Biden very clearly said - and is quoted at the beginning of the article! - as saying

“I just want to say a number: zero. Today, we received news that our economy had zero inflation in the month of July. Zero percent. Here’s what that means: While the price of some things go up — went up last month, the price of other things went down by the same amount. The result? Zero inflation last month.”

And yet somehow the article claims that's the 'lie of the year' because inflation over the past year isn't zero.

Also, the author is wrong about the definition of a recession. It never has been 2 quarters of negative growth. That's just the definition that lazy or impatient "media" use.

barfo
 
barfo said:
It does show media bias towards incredibly stupid takes.

Biden very clearly said - and is quoted at the beginning of the article! - as saying

“I just want to say a number: zero. Today, we received news that our economy had zero inflation in the month of July. Zero percent. Here’s what that means: While the price of some things go up — went up last month, the price of other things went down by the same amount. The result? Zero inflation last month.”

And yet somehow the article claims that's the 'lie of the year' because inflation over the past year isn't zero.

Also, the author is wrong about the definition of a recession. It never has been 2 quarters of negative growth. That's just the definition that lazy or impatient "media" use.

barfo
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Who gives a fuck about zero inflation for the month of July?
 
tlongII said:
Who gives a fuck about zero inflation got the month of July?
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I can't believe you just said that inflation never, ever matters at all. That's the lie of the year, right there!

barfo
 
tlongII said:
Who gives a fuck about zero inflation for the month of July?
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People who bought overpriced shit in July? Stuff that was 2 bucks and is now 10 bucks at the store? I've sure seen what seems to be price gouging at the retail shops.
 
tlongII said:
Liar!
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Yes.

To answer your question, inflation in July is probably only of interest for what it might mean about a change in the overall trend.
As to why Biden was talking about July inflation, that's pretty clear.
But my original point was that it was also clear he was talking about July inflation. He wasn't lying.
The liar, in this case, is The Hill.

barfo
 
Jill Biden went to a bookstore today. A FUCKING BOOKSTORE!

AND SHE WENT TO THIS BOOKSTORE WITH... WITH... WITH...

HUNTER BIDEN'S WIFE! :Sly:

When will the corruption end?!?
 
SlyPokerDog said:
Jill Biden went to a bookstore today. A FUCKING BOOKSTORE!

AND SHE WENT TO THIS BOOKSTORE WITH... WITH... WITH...

HUNTER BIDEN'S WIFE! :NOTMARIS:

When will the corruption end?!?
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Melania never went to a bookstore with Hunter Biden's wife!
 
SlyPokerDog said:
Jill Biden went to a bookstore today. A FUCKING BOOKSTORE!

AND SHE WENT TO THIS BOOKSTORE WITH... WITH... WITH...

HUNTER BIDEN'S WIFE! :NOTMARIS:

When will the corruption end?!?
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SlyPokerDog said:
Melania never went to a bookstore with Hunter Biden's wife!
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SlyPokerDog said:
#Bookstoregate

https://www.dailymail.co.uk/news/ar...-Island-shops-Hunters-wife-Melissa-Cohen.html
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AND NOW JILL BIDEN HAS COVID!

Finally, proof that books cause covid!
 
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