Let's be Clear:
The inflation is a response to years of spending by the previous president.
At the end of fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between fiscal year 2017 and fiscal year 2020, a 33.1% increase, largely due to the effects of the coronavirus pandemic and 2020 recession.
In his FY 2021 budget, Trump's budget included a $966 billion deficit.9 However, the national debt actually grew by $1.5 trillion between Oct. 1, 2020, and Oct. 1, 2021.
FY 2021: $1.5 trillion
FY 2020: $4.2 trillion
FY 2019: $1.2 trillion
FY 2018: $1.3 trillion
Last year, Congress passed two bills totaling around $3 trillion in Covid relief spending -- the $2 trillion Coronavirus Aid, Relief and Economic Security Act passed in March 2020, and the $900 billion pandemic relief bill passed in December 2020. Both were signed by Trump and supported by Republicans.
"Inflationary pressures are arising from a variety of factors: supply chain issues, the reopening of the economy, over $2 trillion of excess household savings, accommodative monetary policy, President Trump's $900 billion December stimulus, and the President's $1.9 trillion stimulus," said Michael Strain, Director of Economic Policy Studies for conservative think tank, the American Enterprise Institute.
"Businesses that slashed prices during the height of the pandemic, such as hotels, airlines, rental car companies, etc. are simply raising prices back to where they were pre-pandemic," Zandi said, adding that, "the supply-side of the economy has lagged demand as the pandemic continues to struggle with scrambled global supply chains." Trumps America First isolationism is also in play as he alienated so many allies.
In testimony to the House Financial Services committee on July 14, Powell said he expects these "rapid" price hikes to "partially reverse" as bottlenecks ease in certain sectors .
When everyone is vaxed, Jan4th deadline, this economy will really take off as we can concentrate on rebuilding instead of fighting with gop idiots with no plan and no clue!!!!
Glad your back GEO! LOL
The inflation is a response to years of spending by the previous president.
At the end of fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between fiscal year 2017 and fiscal year 2020, a 33.1% increase, largely due to the effects of the coronavirus pandemic and 2020 recession.
In his FY 2021 budget, Trump's budget included a $966 billion deficit.9 However, the national debt actually grew by $1.5 trillion between Oct. 1, 2020, and Oct. 1, 2021.
FY 2021: $1.5 trillion
FY 2020: $4.2 trillion
FY 2019: $1.2 trillion
FY 2018: $1.3 trillion
Last year, Congress passed two bills totaling around $3 trillion in Covid relief spending -- the $2 trillion Coronavirus Aid, Relief and Economic Security Act passed in March 2020, and the $900 billion pandemic relief bill passed in December 2020. Both were signed by Trump and supported by Republicans.
"Inflationary pressures are arising from a variety of factors: supply chain issues, the reopening of the economy, over $2 trillion of excess household savings, accommodative monetary policy, President Trump's $900 billion December stimulus, and the President's $1.9 trillion stimulus," said Michael Strain, Director of Economic Policy Studies for conservative think tank, the American Enterprise Institute.
"Businesses that slashed prices during the height of the pandemic, such as hotels, airlines, rental car companies, etc. are simply raising prices back to where they were pre-pandemic," Zandi said, adding that, "the supply-side of the economy has lagged demand as the pandemic continues to struggle with scrambled global supply chains." Trumps America First isolationism is also in play as he alienated so many allies.
In testimony to the House Financial Services committee on July 14, Powell said he expects these "rapid" price hikes to "partially reverse" as bottlenecks ease in certain sectors .
When everyone is vaxed, Jan4th deadline, this economy will really take off as we can concentrate on rebuilding instead of fighting with gop idiots with no plan and no clue!!!!
Glad your back GEO! LOL
