posted by brutus161God damn, 21 years?My comment was also in jest (mainly because I served on submarines for 21 years).
posted by like_that
God damn, 21 years?
Yes. Retired in 2017
posted by brutus161Yes. Retired in 2017
I don’t think I could last 48 hours in a sub.
Biden’s response to this is that they really need to pass BBB… morons.
BREAKING: U.S. inflation was up 6.2% in October over a year ago. That’s the highest inflation in 31 years.
— Heather Long (@byHeatherLong) November 10, 2021
Inflation was up 0.9% in Oct. alone, a much higher increase than 0.4% in Sept. and 0.3% in August.
Prices are rising for food, energy, shelter, used cars and new cars.
posted by iclfan2Biden’s response to this is that they really need to pass BBB… morons.
BREAKING: U.S. inflation was up 6.2% in October over a year ago. That’s the highest inflation in 31 years.
— Heather Long (@byHeatherLong) November 10, 2021
Inflation was up 0.9% in Oct. alone, a much higher increase than 0.4% in Sept. and 0.3% in August.
Prices are rising for food, energy, shelter, used cars and new cars.
The Biden assaults on the middle class and fixed incomers continue unabated.
Build Back Better team of biden & buttman doing real well...
It's almost like there was a global pandemic that completely turned upside down our supply chain and now that people are back to work and economy is gaining steam, there are supply shortages leading to stock shortages leading to more demand than supply leading to higher prices. So odd. It's amazing that only the US is feeling it and Biden screwed it all up.
/sarcasm
posted by QuakerOatsBut, but, but AOC says "good job !"
Build Back Better team of biden & buttman doing real well...
I'm sure the globocommie BBB agenda will fix it, though.
You're right, Biden isn't completely to blame for where we are, but he's not helping, has certainly contributed, and will likely continue to exacerbate the issue going forward.
IMO, of course.
It's also funny to watch the powers that be get it wrong every step of the way.
There is no inflation.
Inflation is transitory.
Wow, inflation is way worse than we thought.
Okay, this isn't going away any time soon.
posted by justincredibleI'm sure the globocommie BBB agenda will fix it, though.
You're right, Biden isn't completely to blame for where we are, but he's not helping, has certainly contributed, and will likely continue to exacerbate the issue going forward.
IMO, of course.
I don't know what you do about it? Do you? It's going to have to adjust back to normal. If there ever is such a thing anymore. 2020 was pure chaos as far as a global market was concerned. We had panic buying followed by no buying followed but months of no manufacturing leading to inventory depleting's that were already next to nil since that was determined how you make the most money and are the most efficient. And now we want to buy again like like none of that ever happened. I dunno.. I don't have the answer I guess.
Maybe stop mandating vaccines and fully open the economy. Stop looking to shut down other oil pipelines too.
posted by kizer permanenteIt's almost like there was a global pandemic that completely turned upside down our supply chain and now that people are back to work and economy is gaining steam, there are supply shortages leading to stock shortages leading to more demand than supply leading to higher prices. So odd. It's amazing that only the US is feeling it and Biden screwed it all up.
/sarcasm
Amazing that people confuse the results of the pandemic and our incorrect government actions surrounding the pandemic for the issues.
posted by queencitybuckeyeAmazing that people confuse the results of the pandemic and our incorrect government actions surrounding the pandemic for the issues.
Yeah.. amazing. So what actions should he take that will fix this global supply chain issue?
2022 is going to be hard on a lot of people. Might as well just shut the pocket book and not spend any money.
posted by iclfan2Maybe stop mandating vaccines and fully open the economy. Stop looking to shut down other oil pipelines too.
That will definitely fix the issues of entire departments out sick and nothing being made.
posted by kizer permanenteIt's almost like there was a global pandemic that completely turned upside down our supply chain and now that people are back to work and economy is gaining steam, there are supply shortages leading to stock shortages leading to more demand than supply leading to higher prices. So odd. It's amazing that only the US is feeling it and Biden screwed it all up.
/sarcasm
It is 100% a labor crisis. And everything the biden administration is doing has/will make it worse. Buckle up.
posted by QuakerOats
It is 100% a labor crisis. And everything the biden administration is doing has/will make it worse. Buckle up.
Agreed but it has nothing to do with unemployment or whatever else you want to blame it on. It's also a WORLDWIDE labor crisis. People have died, older people have retired earlier. People are still getting sick. It's happening in EVERY country in the ENTIRE world. The POTUS isn't going to fix it. It's not possible.
posted by kizer permanenteI don't know what you do about it? Do you?
Yeah, what the Fed has done effectively to tame inflation for 40 years - raise interest rates!
Which will go over like a lead balloon with Biden, obviously.
I certainly don't think prior Fed's would have sat on their thumbs just assuming inflation was temporary. They would have raised rates, and then if inflation fell off a cliff they'd start cutting rates again. No big deal. I believe Greenspan thinks once of the greatest mistakes of his career was waiting too long to raise rates. IMO, Yellen is almost guilty of malpractice here.
Also, when you have supply chain shortages combined with labor shortages....seems like the WRONG time to "create millions of new jobs" with gubmit porkulus.
But, really, super bang-up job guys giving the world's richest man another billions handouts to help him sell more Teslas.
posted by gutYeah, what the Fed has done effectively to tame inflation for 40 years - raise interest rates!
Which will go over like a lead balloon with Biden, obviously.
I certainly don't think prior Fed's would have sat on their thumbs just assuming inflation was temporary. They would have raised rates, and then if inflation fell off a cliff they'd start cutting rates again. No big deal. I believe Greenspan thinks once of the greatest mistakes of his career was waiting too long to raise rates. IMO, Yellen is almost guilty of malpractice here.
Raising interest rates aren't gonna solve a supply problem though. That's why we're seeing rapid inflation of products.
posted by gutAlso, when you have supply chain shortages combined with labor shortages....seems like the WRONG time to "create millions of new jobs" with gubmit porkulus.
But, really, super bang-up job guys giving the world's richest man another billions handouts to help him sell more Teslas.
No you're right, it's not gonna help. but there's nothing he can do that will help. It's gonna have to work itself out.
posted by kizer permanenteRaising interest rates aren't gonna solve a supply problem though. That's why we're seeing rapid inflation of products.
Actually, that's exactly what raising rates does. Inflation is always a result of demand outpacing supply. When you put the brakes on growth, you're also putting the brakes on demand.
It also further works on the demand side by reducing consumption because higher rates raises the return on savings.
posted by gutActually, that's exactly what raising rates does. Inflation is always a result of demand outpacing supply. When you put the brakes on growth, you're also putting the brakes on demand.
It also further works on the demand side by reducing consumption because higher rates raises the return on savings.
But it's a labor shortage causing the supply issues. That doesn't get fixed by raising interest rates. It's affecting literally everything, including necessities. People can't and won't stop purchasing necessities. Only thing raising interest rates will do is help certain segments of industries. It's not gonna solve the a global labor shortage to get products to people
posted by kizer permanenteBut it's a labor shortage causing the supply issues. That doesn't get fixed by raising interest rates.
The Fed doesn't get too concerned with the source of inflation. For 40 years, they've kept inflation in check targeting two simple numbers: unemployment and CPI.
The labor shortage is driving prices higher. This is all Econ 101. And the answer to wage inflation is to raise interest rates.
Pouring gasoline on an already tight labor market by printing trillions is the absolute worst thing we could be doing for inflation.