It's amazing how leaders on both sides of the aisle have no clue about basic economics. One of the first rules of econ 101 is supply and demand. When the supply of money (as measured by M1 by the Fed) is greater than the demand, prices will rise. I see it every day in the Denver area re: housing prices. Many people moving to CO from states with higher real estate prices (CA, IL, NY, etc) and they have extra cash to burn so it's not unusual to see homes sell for 20+% higher than the list price - all cash offers. We've seen it on a national level where the $15/hour minimum wage has led to higher prices, in many cases, the rise in prices exceeding the rise in wages due to minimum wage increases.
Just read an article that looked at the money supply since Jan 2020 (straight from the Fed website, no conspiracy theory: https://fred.stlouisfed.org/series/WM1NS ). At the beginning of 2020, the total amount of dollars in circulation was $4.02 trillion. In January 2021, $6.7 trillion. In November of 2021, the amount in circulation was $20.35 trillion. 80% of all dollars in circulation were printed in the past 2 years, basically. And, in order to fight the 'Putin Price Hike', some in Congress are calling for more spending. MORE spending to fight inflation? SMH.
BTW, government revenues remain at about $4.3 trillion while spending in fiscal year 2020 (Trump's last full year) was $6.6 trillion. Spending last fiscal year (ending in Sept 2021) was $6.8 trillion. And, again, they're talking about spending MORE. There's a new bill in the House proposing giving away $100/mo per person in a household as long as gas remains above $4/gallon. No discussion about where the money's supposed to come from. No discussion about fixing the SUPPLY of oil/gas to lower prices. Just let's give away more money.
The pure stupidity of our leaders is astounding. Some of us were appalled by $1 trillion annual deficits first run up by Obama. Well, he looks like a miser compared to the past 2-3 years (yes, Trump was a big spender, too - not just Democrats). Where does it end?
Just read an article that looked at the money supply since Jan 2020 (straight from the Fed website, no conspiracy theory: https://fred.stlouisfed.org/series/WM1NS ). At the beginning of 2020, the total amount of dollars in circulation was $4.02 trillion. In January 2021, $6.7 trillion. In November of 2021, the amount in circulation was $20.35 trillion. 80% of all dollars in circulation were printed in the past 2 years, basically. And, in order to fight the 'Putin Price Hike', some in Congress are calling for more spending. MORE spending to fight inflation? SMH.
BTW, government revenues remain at about $4.3 trillion while spending in fiscal year 2020 (Trump's last full year) was $6.6 trillion. Spending last fiscal year (ending in Sept 2021) was $6.8 trillion. And, again, they're talking about spending MORE. There's a new bill in the House proposing giving away $100/mo per person in a household as long as gas remains above $4/gallon. No discussion about where the money's supposed to come from. No discussion about fixing the SUPPLY of oil/gas to lower prices. Just let's give away more money.
The pure stupidity of our leaders is astounding. Some of us were appalled by $1 trillion annual deficits first run up by Obama. Well, he looks like a miser compared to the past 2-3 years (yes, Trump was a big spender, too - not just Democrats). Where does it end?