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Affordability - The Fox In Charge The Henhouse Edition

Ekosj
@Ekosj
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Here in the New York metropolitan area, Democrats are running on one issue and one issue only: affordability. Things are too expensive. And who can argue with the truth of that? But why are things too expensive? As old-time NYC sports news guy Warner Wolf used to say, “Let’s go to the videotape…”

During the four years of the Biden Administration, prices -- as measured by the consumer price index -- went up 21.4%. That’s the worst in 40 years! And inflation is cumulative. We are still living with that 21.4% increase in prices. Since Trump v2 took office, prices are up a total of 4.3% -- on top of Biden’s 21.4%. But don’t lose sight of who’s responsible for most of that increase… Democrats! In short, they drove the car into a ditch the last time we let them drive, and now they want the keys again. It’s madness!

Yet I never hear Republicans make this argument. That too seems to be madness, yet there it is.

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Discussion (37)

  • E. Kent Golding@EKentGolding

    How much of the inflation during Biden's term was caused by Trump's explosion of the money supply to fight COVID? Growing the money supply may have been the right thing to do to keep the economy going through COVID, but it did fuel inflation.

  • Ekosj@Ekosj
    ReplyingtoE. Kent Golding

    E. Kent Golding (View Comment):

    How much of the inflation during Biden’s term was caused by Trump’s explosion of the money supply to fight COVID? Growing the money supply may have been the right thing to do to keep the economy going through COVID, but it did fuel inflation.

    Shhhhhh! This close to the election we aren’t mentioning that. You’re mussing up a really sweet talking point. The fact remains that the 21.4% happened while Dems were in charge. Make them eat it!

  • Gossamer Cat@GossamerCat

    Republicans should also say quite clearly: Democrats are not allowed to talk about affordability at all, because they have no idea what it is and how to achieve it. Not only do they cause the problem with their incessant need to spend more money and regulate everything to death, their solution to affordability is to take away money from some and give it to others. And if they don't have enough to give away, they just raise taxes and then take away more money from some to give to others.

    Only Republicans ever lower prices and lower taxes. Only Republicans ever address the root cause of affordability.

  • GPentelie@GPentelie
    ReplyingtoEkosj

    Ekosj (View Comment):

    The fact remains that the 21.4% happened while Dems were in charge. Make them eat it!

    Indeed. The $2 trillion American Rescue Plan (signed in March 2021), all by its little lonesome, added about 2-3% to the annual inflation rate, i.e. 8-12% cummulatively over Biden's 4 years.

    Make them eat it, for sure.

  • Ekosj@Ekosj
    ReplyingtoGossamer Cat

    Gossamer Cat (View Comment):

    Republicans should also say quite clearly: Democrats are not allowed to talk about affordability at all, because they have no idea what it is and how to achieve it. Not only do they cause the problem with their incessant need to spend more money and regulate everything to death, their solution to affordability is to take away money from some and give it to others. And if they don’t have enough to give away, they just raise taxes and then take away more money from some to give to others.

    Only Republicans ever lower prices and lower taxes. Only Republicans ever address the root cause of affordability.

    Unfortunately, since the Fed was created in 19teens, prices rarely come down except for recessions. Given that, the only offset is to grow incomes. What follows is an index of real (ie inflation adjusted) median weekly earnings of full time employees. Remember these are net of inflation…

    Regan Q1 1981 314

    Q1 1989 323

    +2.86%

    Bush1 Q1 1989 323

    Q1 1993 315

    -2.47%

    Clinton Q1 1993 315

    Q1 2001 333

    +5.71%

    Bush2 Q1 2001 333

    Q1 2009 345

    +3.60%

    Obama Q1 2009 345

    Q1 2017 352

    +2.02%

    Trump1 Q1 2017 352

    Q1 2021 373

    +5.96%

    Biden Q1 2021 373

    Q1 2025 373

    0.00%

    Trump2 so far Q1 2025 373

    Q2 2026 378

    +1.34%

    Trump total v1 & v2 so far: 7.30% That’s greater after-inflation income growth than any President going back to Regan

    BLS data series LES1252881600Q

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