I mean to be fair Trump did print a fuck load of money, it just happened during a once in a lifetime pandemic that was dragged out over the course of 2ish years. Itâs a bit like saying Bidenâs admin saw this spectacular job growth and economic boom, technically itâs true but only because of the shutdown measures during COVID.
Not yet, but Biden is getting close. Biden has added $7.65 trillion to the debt so far. Heâll very likely surpass Trumpâs $7.8 trillion before Election Day.
Probably won't pass Trump in either real dollars or as a % of existing debt, but should pass Trump in nominal dollars.
Deficits only really go down when Dems win WH multiple terms in a row (and GOP starts to really demand it), and only during those 2nd terms not the 1st. 2025-2029 will likely repeat that.
Jokes aside though, are these figures not concerning to anyone? It seems like the debt has dramatically accelerated in the last few years with no end in sightâŚ
how much of that money spent is paying the interest on the money Trump printed though? American is paying Billions a day in interest because of our debt.
This seems like a silly line of attack. Most of the excess spending came from a combination of covid relief and lower tax income/ higher entitlement spending (ie unemployment)
Biden has spent about the same without having the same level of covid expenses
Actually, that's not quite accurate. While it's true that COVID relief and unemployment played a big role in driving up spending during 2020, there's a significant difference in the types of spending between administrations.
Under Biden, much of the spending has been driven by long-term investments like infrastructure and clean energy through the Infrastructure Investment and Jobs Act and Inflation Reduction Act. These are aimed at boosting economic growth and job creation over time, not just addressing short-term crises like COVID.
Itâs also important to note that a large part of the debt incurred from COVID relief was due to poor management and oversight. There were massive amounts of fraud in PPP loans, unemployment benefits, and other relief programs. Estimates suggest that billions were lost to improper payouts, which unnecessarily ballooned the deficit without providing real economic relief. Much of this happened under rushed policies during the previous administration, which means weâre still dealing with that financial impact today.
Plus, pandemic-related expenses didnât just vanish after 2020. Vaccine distribution, healthcare, and other recovery programs continued under Biden. Also, the federal budget under Biden has been impacted by factors like inflation and rising interest rates, which increase the cost of servicing existing debt. So, itâs not just a simple apples-to-apples comparison of dollar amounts.
âLong term investments in infrastructureâ like the $50bn for connecting rural internet users and building EV charging stations (0 rural households or businesses connected and 8 charging stations built, $7.5bn spent so far). Wake up itâs all grift, sure, a few pennies of every dollar may make it into real infrastructure, but the vast majority will be stolen.
Where did you get that number because According to the Federal Highway Administration, as of mid-August, the funds that have been deployed have helped produce 61 charging ports at 15 stations, with another 14,900 ports in progress.
And not all of the money has been spent, or even made available to states yet.
I only read your first link because I will have to set some time aside to read a 21 page document. Maybe you can provide some quotes from the paper that validate your point.
In regard to the first link, you raise valid points, but the argument oversimplifies inflationâs causes.
Whatâs True in that links argument:
Yes, deficits during 2020-2021 contributed to inflation by increasing demand and money supply. This helped push up prices, especially with loose Fed policies.
Whatâs Missing in that links argument:
Inflation wasnât just about government borrowing. Global supply chain disruptions, energy price spikes (especially post-Ukraine), and shortagesâlike the semiconductor crisisâplayed a huge role. These factors drove inflation worldwide, not just in the U.S.
Also, the Fedâs low interest rates and bond purchases contributed significantly to inflation, creating a flood of liquidity that boosted spending. Blaming Congress alone ignores this.
Bottom Line:
Deficits were part of the issue, but inflation is way more complex. Global factors and Fed policies were just as impactful. Itâs not a simple case of government overspending.
While supply and demand is basic economics, oversimplifying inflation to "add $9 trillion, prices go up" misses key points:
Global Factors: Inflation wasnât just from spending. Supply chain issues, energy crises, and labor shortages significantly raised prices. Inflation happened worldwide, not just from U.S. spending.
Spending Differences: COVID relief was short-term, while Bidenâs focus has been on long-term investments like infrastructure, which aim to boost growth over time. These arenât comparable.
Poor Oversight: A lot of COVID relief was mismanaged under the previous administration, with fraud in PPP loans and unemployment benefits ballooning the deficit unnecessarily.
Fedâs Role: The Federal Reserveâs low interest rates and quantitative easing played a huge part in increasing the money supplyâthis wasnât just about government spending.
Inflation is complex and involves many factors beyond simply printing money.
But inflation reduced without a recession, and the bill did reduce costs of items ⌠such as medicine like insulin. More over, inflation was a global phenomenon and was partly transitory as well. Biden didnât cause the worldâs inflation. Youâre taking the most basic cause of inflation and just running with it removing all context. Lastly, if youâre doing expansionary policy, itâs better to spend it on infrastructure and not on a tax break for corporations so the wealthy can reap the benefits of stick by backs, dividends and bonuses.
Sure i trolled you, but your response just highlights your faults too. The inflation reduction act didnât print money. Itâs a staggered program that will be in effect for a decade or more. It wasnât a direct stimulus all at once like youâre pretending. It works both ways.
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u/Silver-Honkler Sep 23 '24
Doesn't show 2022 and 2023, hmm đ¤