2024 US Presidential Election

[zorg1000]

IkePoR said:

zorg1000 said:

Like they said, high inflation isn’t something that happens all of a sudden and is usually from a variety of factors coming together at once, one of those factors was Covid.

Covid saw large parts of the economy shut down in 2020 and as things started to open back up in 2021 we saw supply chain issues due to increased demand, labor shortages and lingering Covid restrictions. This was exacerbated by the war in Ukraine in 2022 where sanctions on Russia saw oil prices skyrocket.

A combination of Fed interest rate hikes and supply chains stabilizing have seen inflation gradually come down from its peak of 9.1% in June 2022 to 2.5% in August 2024 which is close to the ~2% target of the Fed and we will likely see interest rates start coming down.

Their original claim presumed inflation was only because of covid, I addressed it in my last post  here

But isn’t that true in a sense? Covid was the catalyst, without it you don’t get the economy shutting down which means you don’t get trillions in stimulus/safety net spending or the supply chain disruptions or widespread labor shortages which means you don’t get a surge in inflation when things open back up which means you don’t get a massive increase in interest rates or corporations using inflation as a cover to raise prices beyond what was necessary.

As for your original statement about people saying they were better off 4 years ago, people are stupid and don’t know what they are talking about. 4 years ago was 2020, we were in the worst pandemic in over a century which killed millions of people and forced the economy to shutdown. People had to quarantine, people lost their jobs, businesses closed down, kids couldn’t go to school, poverty increased, food insecurity increased, crime increased. It was also the year of George Floyd protests/riots, the most significant civil unrest since the 60s. How were people better off four years ago?