Why would (non-Russia) Europe be in the same position as the US? The ECB hasn't even started raising interest rates because the economies are considered too weak. (at least that was the official reasoning last time I checked)

The US are in a far better position than Europe WRT mineral resources, that's clear. But Biden's policy risks throwing that overboard with his stopping of Keystone XL and the ban on new fossil fuel permits. Today's status quo determines tomorrow's drilling activity of and the production the next day. Unpredictable events like last winter's big freeze in Texas, and the recent fire in Louisiana, have all the more effect the more resources are stretched to their limit - also see inflation.

To see Biden's admin brag about a drop of $0.00001 after the gallon price increased from $3 to $5 nationwide, or some such, can't even be called a slap in the face any more. That's nothing short of cynical.

@marton, you conveniently ignore the "illegal" part of the immigration from the south.
Are you honestly demanding that the POTUS throw the rule of law overboard? And therefore should no longer protect the border?

So in other words, when something good happens with the economy under Biden, Biden couldn't possibly have anything to do with it. But when something bad happens, it's all Biden's fault.

What exactly is "Bidenflation?" Is that also what's been occurring throughout much of the rest of the world? Do you think Biden has the ability to force manufacturers around the world to sell their products for less? Why do you think inflation in the US wouldn't be occurring right now if Biden had lost in 2020?

Not suggesting POTUS throw the rule of law overboard.

He should give citizenship to the "Dreamers".
He should create a fast path to citizenship for the ca. 11 million illegal immigrants working in the US so they pay taxes like everybody else.
He should create a simpler and quicker immigration process.
For comparison, the UK has around a quarter of a million legal immigrants per year, and the US which is five times the size only has three times as many legal immigrants.

FWIW I don't think inflation is purely down to President Biden, however his actions have exacerbated it. But to spell it out more clearly, it's not credible to make this excuse after you said EXACTLY the same about the previous President.

https://www.englishforum.ch/3222097-post958.html

This is ultimately why the Democrats find themselves in such a quandary. It's just been so easy for the GOP to use their playbook from the Trump years against them. With someone so obviously frail and inadequate currently sitting in the White House, almost every shot hits home, hence the terrible polling figures!

__________________
Thou/Thee

Well, their inflation rates are fairly similar. The drivers are not, and traditionally wage inflation was more stubborn and difficult to fight than energy price inflation. So, there is inflation globally but mainly the Fed has done a poor job of getting on the brakes sooner and more gradually. Now, especially with the June data just in at 9.1%, the likelihood of going into recession has increased much, and Biden will suffer from this.

Not that the GOP have anything better to offer. In many if not most races. the coming elections will not be between a traditional small government, free market conservative and whatever shade of Democrat - they will be between MAGA or some form of sane, predictable, albeit maybe not my taste politically type of government. Let's see if voters are really up for voting for the likes of Herschel Walker, Eric Greitens, Kari Lake.

The Fed is absolutely to blame for this. They told the world inflation would never return, then switched to inflation is transitory and now scratch their heads when there's month on month rising record inflation. They should never have opened the floodgates to save the stock exchanges at the beginning of the Covid pandemic.

For anyone who bothers to take notice, economically Joe Biden and Donald Trump are not too far apart, though one would never think it to read the US Media.

The US Fed created worldwide inflation? You do have irrational ideas

The US is not even the highest on the world inflation list, see below.


A more rational widely held view on the causes of worldwide inflation; "The rise has been driven in large part by pent-up consumer demand after the pandemic and the Russian invasion of Ukraine."

This time around professional economists do not subscribe to the amateur view that increased money supply was a major factor. Emerging markets and developing economies have been hit by high inflation despite not expanding money supply.

No, but the Fed screwed up putting the brakes on US inflation early. They fueled asset price inflation for 15 years. Now they look at rate hikes that may cause recession. And real wages are still falling.

But I am sure Americans will take great comfort from the fact that inflation in Argentina is worse.

A professional view from Kenneth Saul Rogoff who is an American economist and chess Grandmaster, Thomas D. Cabot professor of economics at Harvard University.
The Fed Does Not Deserve All the Inflation Blame

and

I don't recall ever blaming Trump directly for the economic downturn during his administration, so please show me where I have. I blame the pandemic for that.

So I'm not sure why you are quoting that old post of mine. Nowhere in it have I blamed Trump for the economy during his administration. All I said about the economy in that post of mine is that Trump had tried to take credit for an economy that was already dramatically improving during the previous / Obama administration, which is fact.

e.g.





https://www.washingtonpost.com/busin...obama-economy/

It was a good post.

OK, so not *all* the blame. And "powerful political pressure from the left". I guess this must be the Biden government then.

Yeah, apparently corporate profiteering and price-gauging have also played a big role in driving inflation (and this is regardless of supply chain issues, though supply-chain issues are of course another cause).

Report: Record corporate profits are driving inflation, not labor costs

"It’s not workers making a decent wage that are driving inflation, as some conservative politicians and pundits keep asserting. Rather, according to a new report by the Maine Center for Economic Policy, higher costs are the result of corporate consolidation and businesses using their control over the market to set inflated prices."

https://mainebeacon.com/report-recor...t-labor-costs/

Corporations are using inflation as an excuse to raise prices and make fatter profits — and it's making the problem worse
https://www.businessinsider.com/corp...1-11?r=US&IR=T

This may be true in some sectors / products with high pricing power.

Where I work, we are having huge cost pressure and the main inflation on the procurement side won't hit us before 2023. We are trying to pass on what we can to keep margins stable. Realistically though, margins will suffer as customers are simply not able or willing to pay up. There is already another cost cutting program in the making, I hear.

Retail is one typical sector where raising prices is done with great caution, with the fear customers leaving and going to competitors.

Unreasonable price hike can be investigated by the authority, for example: https://www.reuters.com/markets/euro...on-2022-07-04/

Indeed, maybe contrary to common expectation, some stores do discount sales to attract customers in this time of inflation.

so more open borders, identity politics and race-based decisions... predictable but im not so sure about the sane part.

Well, you have a point in that the Dems' chances will be higher if they nominate centrist candidates. It makes the MAGA crowd look even more unhinged. One would think the Dems have learned from the idiotic "defund the police" debacle, but I wouldn't put money on it.

How is Russkyi Mir coming along, by the way?

So you're no longer talking about Biden's achievements. Damn those goalposts.

As for that "pent-up consumer demand" that may have caused inflation, maybe the second round in covid trillions dispensed to the US population wasn't much of a good idea. Spending that money may well have been instrumental in that pent-up demand.
I agree with that. The different causes are why I think comparing the two in a "roughly equal" sense is lacking. Of course there are big common factors, too.
I don't follow US politics close enough to comment on individuals other than perhaps half a dozen talking heads. But it's clear that both parties play for power first, power second, and use to the population fifth or tenth. I see no difference worth mentioning in that regard.

I don't get your juxtaposition of MAGA vs sane Rep though, while you seem to imply that all Dems are more or less sane. Maybe I'm misunderstanding. To me the woke Dems are easily as destructive as the obviously also gaga MAGA crowd.

It's quite odd to see self-proclaimed fighters against sexism applaud an openly sexist law with that Violence Against Women Act. The implication is that violence against men is irrelevant, or even worse doesn't exist in the first place.

Actually not true, according to the latest NewYorkTimes/Siena poll, Biden would beat Trump by 3% in a straight match.