Recession, inflation, disruption

[Crunch]

Here’s the truth:

“The policies of the left would unleash an economic disaster of epic proportions," Mr. Trump said, claiming that a Democratic win would lead to sharply higher taxes and "destroy our country.”

Once again, Trump has proven to be correct.

The nation's economy experienced its worst quarter since the early stages in the COVID-19 pandemic, according to a U.S. Commerce Department report this week.

The gross domestic product, or GDP, fell at an annual rate of 1.4% in the first quarter of 2022.

This was predicted to occur in Q2 but Biden has really accelerated it so now we get to be officially in recession this summer.

The annual inflation rate for the United States is 8.5% for the 12 months ended March 2022 — the highest since December 1981 and after rising 7.9% previously, according to U.S. Labor Department data published April 12

That’s great, just great. The economy is running into the ditch.

Moody’s Analytics has warned that problems "will likely get worse before they get better."

"As the global economic recovery continues to gather steam, what is increasingly apparent is how it will be stymied by supply-chain disruptions that are now showing up at every corner," Moody's wrote in a report.

Yeah, the Biden economy is going great! The red wave this sets up may be historical

[Fenring]

Crunch, to what do you attribute the high inflation? Please give a technical answer, because you seem to be saying that Biden's policies led to it. So I would like to know specifically which policies of Biden's are responsible, and for you to draw the connection between the policies and the specifics of the inflation rate.

[yossarian22c]

Crunch, to what do you attribute the high inflation? Please give a technical answer, because you seem to be saying that Biden's policies led to it. So I would like to know specifically which policies of Biden's are responsible, and for you to draw the connection between the policies and the specifics of the inflation rate.

And explain how it caused worldwide inflation.

[msquared]

Or maybe it was a trade war with China started by the previous administration made worse by global supply chain issues caused by a worldwide pandemic?  Or maybe massive tax cuts for the wealthy that did not increase revenue.

[wmLambert]

Or maybe it was a trade war with China started by the previous administration made worse by global supply chain issues caused by a worldwide pandemic?  Or maybe massive tax cuts for the wealthy that did not increase revenue.

Or maybe it was the turn-around of the Trump economic victory over China caused when Biden abandoned all the good things that Trump set up? That China reaction was also magnified by the worldwide joke of the Biden international stature. Where The Taliban were afraid to tread... they certainly weren't scared of Biden. When Putin was all polite with Trump in office, with no Trump he went right ahead to invade the Ukraine. The pandemic is a great catch-all for every misstep done by anyone who isn't Trump. Many marvel at the coincidences of Fauci's Eco-Health Alliance gain of Function research going to Wuhan the same year a Russian General said they decided to explore bio-weapons, along with Pelosi's first bill being aimed at allowing vote harvesting for medical emergencies, which offset Trump's largest second term landslide in history. Every truthful analysis has pointed out that the Trump tax cuts benefited the lower economic quintiles the most. Why do uninformed Democrat apologists always claim his tax cuts were only for the rich?

[wmLambert]

The Democratic win did lead to higher taxes and is destroying our country. The pandemic did cause enormous problems - but all seemed to help the Democrats. The economy should be recovering after the pandemic, but the Democrats are driving it into the ditch.

Moody’s isn’t the only analyst calling out Biden.

[Mynnion]

Since the price of oil is one of the driving forces I have to wonder if the deal Trump forced the Saudi's to sign reducing production might have at least some impact.

https://www.foxbusiness.com/markets/trump-saudi-arabia-russia-opec-oil-deal-role

[yossarian22c]

... Every truthful analysis has pointed out that the Trump tax cuts benefited the lower economic quintiles the most. Why do uninformed Democrat apologists always claim his tax cuts were only for the rich?

Ignoring your covid conspiracy nonsense. By what metric are you arguing that the tax cuts helped the lower economic quintiles the most?

[Fenring]

... Every truthful analysis has pointed out that the Trump tax cuts benefited the lower economic quintiles the most. Why do uninformed Democrat apologists always claim his tax cuts were only for the rich?

Ignoring your covid conspiracy nonsense. By what metric are you arguing that the tax cuts helped the lower economic quintiles the most?

I suppose one could employ the argument that giving a poor person $500 helps them more than giving a rich person $50,000? In terms of how desperate they were for a bit more cash? I dunno.

[TheDrake]

If you remember, Biden did want to expand the child tax credit. He got that. He had a big temporary increase in the size of that credit for 2021. Plus it was made fully refundable, and half of the year's credits were distributed in monthly payments from July through December.

That's Biden lowering the tax burden on working families. Have any of his tax hike proposals become law? The corporate tax rate is unchanged. Was it Biden's failed tax proposals that are ruining the country?

Lots of countries have higher taxes than the US, they aren't ruined from what I can tell, unless universal healthcare, affordable education, and family leave is ruin.