The Trump Administration
- Thread starter Gallipoli
- Start date
Yeah, pardoning one non-violent "criminal" = pardoning 1800 domestic terrorists.
All for sense over cents.
www.cbsnews.com
Elon Musk's DOGE has a new target for cutting federal spending: the U.S. penny
Elon Musk's DOGE is taking aim at the U.S. penny, pointing out that it costs more to manufacture than it's worth.
www.cbsnews.com
so all prices not ending in 5 or 0, will be rounded up -- so much for helping average person afford things -- but what's a penny here or a penny there?All for sense over cents.
Elon Musk's DOGE has a new target for cutting federal spending: the U.S. penny
Elon Musk's DOGE is taking aim at the U.S. penny, pointing out that it costs more to manufacture than it's worth.
Actually - no. There are two main schools of thought regarding the inflation experienced during the Biden administration. One school is the Larry Summers thesis that social spending - direct stimulus payments to citizens during the pandemic - was the main cause of inflation. Well, that becomes an issue because two of the three stimulus payments occurred during the Trump administration. Look it up. Another argument against this school of thought is that inflation was a world-wide issue, even in countries that did not provide their citizens with stimulus payments.
Personally, I believe the other school of thought called "Team Transitory" as espoused by Paul Krugman and others. The economy - being a mixture of spending on goods and services - got out of whack because people cut back heavily on services spending like going out to eat, entertainment, dry cleaning, etc. When consumers had a bunch of "extra" money on hand due to reduced services spending, they stated buying an unprecedented number of goods. This created shortages, shipping rates went up, etc. Krugman argued - during the pandemic and after - that inflation would come back down once the goods versus services spending got back to its normal levels. And it has.
So this is why your comment strikes me as a bit flippant. If you're with Summers and don't acknowledge that Trump also bears responsibility, you're not accurately assigning blame assuming you think inflation is someone's fault. I personally don't blame either Trump or Biden - I blame the pandemic. Krugman acknowledges he thought inflation would abate much sooner than it did, but still believes the main cause was the imbalance between goods and services spending.
Personally, I think the common sense thing to do is read varying viewpoints and reach a conclusion from there. In this case I'm largely with the guy who has a Nobel Prize in economics.
I'm sure Musk has never dirtied his hands by holding a penny. I imagine this will be his tamest recommendation though, does anyone think he cares about anyone but himself and his money?All for sense over cents.
Elon Musk's DOGE has a new target for cutting federal spending: the U.S. penny
Elon Musk's DOGE is taking aim at the U.S. penny, pointing out that it costs more to manufacture than it's worth.
Good post.
I'm going with Larry Summers, former Treasury Secretary and Harvard President. He did not take issue with the Covid stimulus payments. He took issue with the $1.9 trillion 2021 stimulus law, The American Rescue Plan, followed by The Inflation Reduction Act in August 2022. He accurately predicted dumping that much money on the economy after three Covid payments would lead to inflation. As I recall neither bill received a single Republican vote in either chamber. Inflation soared from 1.4% in 2020 to 7% in 2021 and 6.5% in 2022. It remains too high at 2.9% last year.
Inflation was, and remains, a worldwide problem. I don't see how the American Rescue Plan and The Inflation Reduction Act created inflation in European countries and elsewhere throughout the world. I'm going with the Krugman theory.
