Source: The Wall Street Journal.
Here’s the plan, in a nutshell:
- Let the Fed fix inflation.
- Make things more affordable.
- Reduce the deficit.
OMG, the man is a genius. You might think that an economy that produces 350,000 fewer jobs each month is in trouble, but NO “it will be a sign that we are successfully moving into the next phase of recovery.”
Don’t worry. You will own nothing and be happy.
Tidewater News and Opinion Forum 
Biden and his supporters live in a world where popular intentions matter and results don’t.
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The same is true of TFG and HIS supporters. HE was elected in 2016 on populism and his results , with the exception of OWS, were mostly to improve his and La Familia’s lot in life and not the country’s.
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So, what should the plan be?
You frequently blame inflation on our money supply (even though inflation is affecting all currencies that are subject to market conditions) so what is wrong with his deferring to the Fed with respect to their money supply decisions?
You frequently blame excess government spending for inflation (even though inflation is affecting all currencies that are subject to market conditions) so what is wrong with his taking further action to restore the fiscal balance that Trump managed to destroy?
It is beyond evident that whatever President Biden says on any subject would be mocked and rejected by people like you. Which raises an obvious question – why should anyone pay any attention?
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RE: “So, what should the plan be?”
You can reduce inflation by reducing the quantity of money, by increasing the quantity of goods, or both.
There are various ways to reduce the quantity of money. The best way is to cut government spending.
There are various ways to increase the quantity of goods. The best way is to cut government regulation that impedes private production.
All in all, an effective plan for fighting inflation would be a plan for limiting the size and scope of government.
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“All in all, an effective plan for fighting inflation would be a plan for limiting the size and scope of government.”
You mean the government should help the Fed bring on a recession?
You accuse Biden of having just a “wish list.” What do you think you have just provided that is anything but that? For example, “limiting the size and scope of the government” is not a plan. To make it a plan you would need to say what you are going to eliminate. And then an economist would ask – okay that leaves more money in the hands of people chasing the same goods. How does that not INCREASE inflation?
Here in the real world inflation is a very complex problem over which the President has very little control. But, I get it. Biden is the President, so he gets blamed.
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RE: “And then an economist would ask – okay that leaves more money in the hands of people chasing the same goods.”
An economist wouldn’t ask that question, because a cut in government spending would result in one of the following outcomes for the people:
Without government borrowing
* Same money, same goods
* Same money, more goods
With government borrowing
* Less money, same goods
* Less money, more goods
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Sorry, this does not compute. Government spending is so large and so thoroughly entwined with the private sector that the immediate radical change in spending that you think will curb inflation is almost literally not possible without triggering a recession or worse.
And you have only offered a “wish” (less government spending) without offering a plan. What government spending do you propose to eliminate?
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RE: “Government spending is so large and so thoroughly entwined with the private sector that the immediate radical change in spending that you think will curb inflation is almost literally not possible without triggering a recession or worse.”
I don’t propose an immediate radical change in spending. If you want a short-term fix for inflation, changing energy policies to encourage oil and gas production would create the biggest effect for the least effort.
Some examples of government spending I would eliminate are:
Substantive changes like these would take time to implement.
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Well, I thank you for a straight-forward answer.
I am not sure how you plan to finance the remaining government – half of the DOD is still huge – without income taxes and the IRS to administer them.
The total budgets of the Departments of Education and State are not very significant. (1% and 0.7% of total respectively). Total budget of the DNI is even less.
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RE: “I am not sure how you plan to finance the remaining government…”
I would replace the income tax with consumption taxes.
I think a big chunk of entitlement spending can be cut, as well. The point of my examples is to show that a plan to fight inflation must be based on the fact that inflation is a monetary problem. Stumble Joe is oblivious to this reality.
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“Stumble Joe is oblivious to this reality.”
I did my best to discuss your ideas in a civil and adult manner. From this remark, it is clear – as it should have been from the get-go – that a civil and adult conversation with people like you is never actually a thing.
And by the way, the President has some control over fiscal policy but almost none over monetary policy so in addition to be an infantile name caller, you are also irretrievable confused between the two.
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At least he HAS a plan. The GOP just wants the country to wallow until they can try to win back legislative power. And then do nothing while in the majority.
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RE: “At least he HAS a plan.”
He has a wish list. Not the same thing.
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Still more than the GOP. Which I note that you have not addressed.
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What have I not addressed?
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The fact that the GOP has no plan.
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As someone with a fixed-rate mortgage, I say bring on the inflation, baby!
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You are still screwed.
Inflation may make your mortgage “cheaper,” but it also means there is nothing to spend your savings on.
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I just saw that private sector pay has gone up 17%, so what is the problem?
Oh, that was CEO pay. Hmmm, just half that increase would cover inflation costs for the less lofty employees.
Doable? No doubt. Will it happen? Doubt.
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“You are still screwed.”
But YOU aren’t?
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I don’t think so. I paid off my mortgage about 10 years ago.
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This whole infinite consumption based, free market thing kinda blows, huh?
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The Free Market blows? Don is gonna blow his top.
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RE: “This whole infinite consumption based, free market thing kinda blows, huh?”
Not really. You just have to think right, as in not believing that inflation improves your life because it makes your mortgage “cheaper.”
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I was being sarcastic. I’m not one of those people who are perfectly happy to see others suffering so long as I get mine.
Can you imagine how frustrating it would be to have to deal with someone like that?
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RE: “Can you imagine how frustrating it would be to have to deal with someone like that?”
I can, but why bother?
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I’m one of those people that doesn’t believe in stealing from you to buy or curry favor for votes from the idle class. Oh, that would be you and the entire Democrat socialist party.
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Politics is the fight over the allocation of finite resources. You’re just bragging about being snookered into voting against your own material interests.
As far as the Democrats go, they’re categorically NOT socialists. I wish they were, but I live in the real world. If you’re looking for a fight with someone who will defend the Democrats, maybe one of the other guys will oblige you.
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