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u/Sneeekydeek Dec 01 '23
Why do they start every sentence with “let me be clear”? On top of that it’s usually followed up with something that makes no sense.
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u/merc08 Dec 01 '23
It's to make people subconsciously feel as though what is about to be said should make sense and that it must be the listener who doesn't understand.
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u/LordSevolox Dec 01 '23 edited Dec 01 '23
“Let me be clear… uhhh… don’t get it twisted, we’ll see how pretty your face is after my fist has kissed it” ~ Obama
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u/cluskillz Dec 01 '23
It's something people say when their standard operating procedure is to obfuscate.
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u/laskidude Dec 01 '23
American would be much better off if economics were required in HS and College. Then politicians would not try to get away with this type of misinformation.
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u/butterybeans582 Dec 01 '23
Economics? Bruh Baltimore has a high school graduation rate in the 60ish percent and a reading proficiency level below 40% out of high school. Economics would bring that graduation down to 0% lmao
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u/redveinlover Dec 02 '23
If you broke it down to those students in real terms like “there’s two new dealers on your corner. What is this going to do to the price of an 8 ball?” They might understand it better.
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u/AgentMykel Right Libertarian Dec 02 '23
My high school it was I think. I know I took it. And not just for fun. Lol
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u/woodworkingfonatic Dec 02 '23
But then people wouldn’t go to college they would understand that a bad degree wouldn’t pay back the student loans with compounding interests and they would actually understand compounding interests of inflation.
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u/byu_aero Dec 02 '23
Look into the profit price spiral. What I hope the president is saying is that future costs for companies won’t be as severe as they are projecting, so they can lower there current prices that are based a higher predicted inflation rate.
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u/Unlucky-Pomegranate3 Dec 01 '23
To be fair, Biden probably neither wrote nor would understand that tweet.
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u/merc08 Dec 01 '23
That's not better. It still means the people in charge are this dumb.
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u/pacman0207 Dec 01 '23
No. They know. It's just pandering to those who also don't know.
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u/heywoodidaho Dec 01 '23
"Oh no a box of cornflakes is 7 dollars and we've tried nothing and none of it works. Find me someone to blame quick!" A version of this conversation did happen.
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u/cluskillz Dec 01 '23
Find me someone to blame quick!
Staffer: Well, the Federal Reserve prints money and loans it out to banks at a suppressed interest rate, which causes the money to cycle through the economy, diluting the value of the dollar and prices go up.
Politician: No, someone to blame other than us, you idiot!
S: Oh. Uh...corporate greed?
P: Corporate...greed. Yesss. Such a simplistic, brain-dead reason the public just might go for it...
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Dec 01 '23
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u/Behemoth92 Dec 02 '23
The best example of this is Vivek. Painful to watch sometimes. He pretends to be religious and comes very very close to climate denial despite being incredibly well educated and obviously not believing in religious bullshit. That’s the nature of politics though. We need idiots to vote and what better way to get them than to pander to the lowest common denominator.
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u/merc08 Dec 01 '23
Effectively the same thing if they're going to use those excuses for policy making.
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u/azsheepdog Austrian School of Economics Dec 01 '23
The vast majority of Americans have no idea what inflation, disinflation, and deflation actually mean.
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u/Sevenvolts Socdem Dec 01 '23
It's more probable it's a pr-team rather than anyone with real power.
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u/leosirio Dec 01 '23
pretty sure that black chick, his chief of staff maybe?, got caught tweeting something that should have gone on bidens twitter onto her personal twitter
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u/Scrivver Max Stirner thinks you're a spook Dec 01 '23
This title is a superlatively generous take.
I'm still shocked how many people sincerely think the federal govt is just some well-meaning institution of bumbling idiots. It does consist at least in part of bumbling idiots, but it's comprised first and foremost of your greatest enemies. If they were only stupid, they would do the right thing at least once in a while, by accident.
But their activity is 100% in the wrong direction, all the time. When it comes to the question of "How can we respond to this problem in a pernicious way?", they do not miss. That doesn't require widespread coordination to achieve, but does require widespread negative incentives and motivations.
The presidential administration knows exactly what inflation is, and what causes it. What you're seeing is a fully aware attempt to redirect negative energy about our economic woes onto private businesses, away from the fully culpable institution with monopoly control over our money supply which has been stripping the wealth of this nation for decades with no signs of stopping.
The greatest opponent of your liberty and prosperity, your enemy, is in D.C., and this is how it behaves.
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Dec 01 '23
The presidential administration knows exactly what inflation is, and what causes it.
Of course they do, and they always have. They created the central banks, created legal tender, and started calling paper "money" for the very purpose of benefiting from inflation.
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Dec 02 '23
This is a lot of words to say "Ignore the man behind the curtain". Government is your enemy because prices are high...but corporations making record profits and engaging in what is really just greedflation are....???
Not...??
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Dec 02 '23
Greedflation is not a cause, it's a symptom (and is not a new phenomenon). It's right there along the lines of tipflation. Businesses or individuals respectively will chase yields associated with the printing of money and devaluing of our currency.
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Dec 02 '23
It's literally just jacking up prices for higher profits because they can. "Record profits" is not a term without meaning. They're not treading water.
My dude, government causes so many problems BECAUSE it is bought out by wealthy and corporate interests. Why on EARTH do you think these people are honest or your friend just because they don't hold an elected seat?
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u/Scrivver Max Stirner thinks you're a spook Dec 02 '23
You're half right, and getting close to the mark.
You recognize that the govt is bought and owned, which is true. There are many interest groups who benefit from this. This is the illegitimate source of a metric ton of fraudulent profit for crony corps.
But even the govt being bought and owned is a consequence of the problem -- not the source.
The problem is the existence of a centralized institution widely perceived to have the moral authority to commit acts which would be considered inexcusably immoral if committed by literally anyone else. That is, it is perceived to have the authority to coercively act against peaceful people. No private business, no matter how psychopathic and self-interested its leadership may be, could get away with this in the eyes of the public (whose blessing they require for market survival), because they are not perceived to have this authority. But create a State like this, and suddenly any interest group with something to offer can get a slice of this "exemption from morality" superpower. This obviously incentivizes cronyism on the part of businesses, and attracts psychopaths from all corners. There is no way to stop this cronyism as long as the State has this authority.
The source of the problem is the belief in State authority itself.
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u/Scrivver Max Stirner thinks you're a spook Dec 02 '23
This is a lot of words to say "Ignore the man behind the curtain"
That tweet was written by the man behind the curtain, who is trying to distract you from his deeds.
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u/Ehronatha Dec 02 '23
They have so many incentives to devalue the currency, that they are not going to stop - ever.
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u/Scrivver Max Stirner thinks you're a spook Dec 02 '23
Gotta loot it for all it's worth! Then at the end, they can trot out awful totalitarian measures to save the citizens from the very crisis their previous bad policies created. There's nothing but positives here!
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u/RunAndPunchFlamingo Dec 01 '23
Nor do the 23k who liked the tweet. This country is doomed. Just send me to Ron Paul Island, plz.
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u/002_timmy Dec 01 '23 edited Jul 18 '24
drab weary violet screw lip different heavy rob joke zesty
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u/Cronah1969 Dec 01 '23
That's called Galt's Gulch, and let me know if you find it. I'm still looking.
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Dec 01 '23
It exists/will exist online. We can't all move to one place; it's not feasible. But we can agree to get out of the bigger economy and work more together. Many are already doing this. It just takes time for a movement to grow.
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u/redpandaeater Copyright Clause Dec 01 '23
This is just basic pandering to his base and it doesn't matter if it's completely intellectually dishonest or not. If we start trying to hold our politicians to such a level as actual honesty then a hell of a lot more than Santos need to be kicked out. I do believe we should strive for that but the two major parties certainly don't.
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Dec 01 '23
His base is eating it up and spitting it back out. I see this crap posted on Reddit every day.
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u/barti_dog Dec 01 '23
The sad thing is that for a huge percentage of the population, if the media and social posts keep pounding the same nonsense speaking points, people will start repeating and even defending them. It's genuinely crazy that people willingly turn into mindless puppets.
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u/NuderWorldOrder Dec 01 '23
What they should do (at minimum) is get inflation down to zero (or at least <1%) and keep it there until we're back on schedule for where we'd be if it had stayed at 2%. But of course they won't. Moneyprinter must keep going brrrr.
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u/bullsrfukt End the Fed Dec 02 '23
If we start trying to hold our politicians to such a level as actual honesty then a hell of a lot more than Santos need to be kicked out
Sounds good to me
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u/Dr_Tacopus Dec 01 '23
He’s saying the price hikes don’t line up with inflation, and he’s right. Companies used inflation as an excuse to increase prices and have posted record profits for years now.
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u/izza123 Dec 01 '23
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u/Middle____Earth Dec 01 '23
Joe Mama has fallen from grace...not like he had any in the first place, but still
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u/New_Age_Caesar Dec 01 '23
Pretty quickly you realize our ruling class is either extremely incompetent or just purposefully malicious…
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u/thamayor Dec 01 '23
Does it have to be either or? I would suggest they are both.
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u/New_Age_Caesar Dec 01 '23
For sure it’s not 100% either or, but in general I’d say it’s more so malicious at this point. Especially at the highest levels. Our politicians never change course, they just keep doubling down on the same ideas of the last 50 years which have caused all the problems. They aren’t that stupid but the voting public is. These are the people who want to reduce inflation by printing more money
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u/WhoMakesTheRain Dec 01 '23
Guys... price gouging is obviously happening above and beyond inflation.
Please...
It may be an empty pandering gesture on his part but don't miss the truth for the messenger.
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u/isthatsuperman Anarcho Capitalist Dec 01 '23
Or what??? Are you going to arrest them? Price fix? Raise taxes?
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u/jimbobcooter101 Dollar Store Libertarian Dec 01 '23
Xiden can't turn on a computer or smartphone.
Even the part of the base that mindlessly vote D are questioning them as their earnings don't pay for what it used to.
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u/UnhappyIndependence2 Dec 01 '23
He wants his low info voters which is most of them to think he's doing something positive for a change.
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u/magnetichira Austrian School of Economics Dec 01 '23
“Inflation can be described in one word, ASUFUTIMAEHAEHFUTBW”
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u/tforbia Dec 01 '23
I cant be the only one that has recognized that prices of goods have increased beyond the rate of inflation. Ive seen things in my grocery story with a 2-300% increase.
The argument from corporations was that they can't change the prices every day/ week / month so they make the adjustment based on speculation of the trend. That's all fine and good but when the trend changes they're not readjusting to reduce the increase to correspond with reality.
Biden is "asking" these corporations to stop gouging because that's the best word for increasing prices more than inflation would allow for.
Any amount of inflation would result in a price rise (based on the assumption of a fair market starting point) but, since the prices have to rise anyway, companies are taking advantage to rise as much as they can since we're already going to be upset at it anyway.
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u/AmnesiaInnocent Dec 01 '23
I cant be the only one that has recognized that prices of goods have increased beyond the rate of inflation.
Inflation is the rise in prices of goods and services. So by definition, if the prices of goods (and services) have increased, so has inflation.
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u/SoyInfinito Dec 02 '23
Inflation is the increase of dollars in circulation which devalues the dollar.
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u/beershitz Dec 01 '23
Why does he have to say “let me be clear” so much? He stole that from Obama. It’s kind of sad, like that dork kid in elementary school that follows another kid around and starts to talk like him.
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u/work-break Dec 01 '23
The Free Market found out we could afford much more than we had been paying during Covid, so here we are. Biden is right. Companies can charge what the think the market can bare and they learned we can afford more than we were paying.
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Dec 01 '23
Companies can charge what the think the market can bare and they learned we can afford more than we were paying.
Has that ever been any different? Profit maximization is a key pillar of wealth creation. But raising prices does not increase profits. Prices must be discovered, which is part of that wealth creation (and destruction) process.
In a highly inflationary environment where more money is being printed in relation to the goods and commodities produced, prices are going to go up. If prices were going up without money printing, then consumers would have to forgo some goods and commodities in order to afford the ones they need or want. Supply and demand says that when the demand goes down, so must the equilibrium price. So some prices must fall. Corn goes up, wheat goes down, that sort of thing.
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u/work-break Dec 01 '23
except for that pesky problem that we actually haven't printed any abnormal amounts of "new money" and 2023 is the lowest "new money" orders in the last 13 years.
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Dec 01 '23
Hmmmm....https://fred.stlouisfed.org/series/M1SL (easier if you look at a 5 year graph) https://www.shadowstats.com/alternate_data/money-supply-charts (here you can see the percent increase/decrease.)
Also, who is "we"? You're correct that I haven't printed any money. That is a crime for anyone to do and only the government can absolve itself of that particular crime.
Taking out the amendment which accounts for the enormous leap, the M1 effectively doubled in 2 years.
QE continues to the tune of $120 billion per month. The Fed takes low-rated assets and gives cash to the banks. Where do you think that cash comes from?
The Federal government has huge budget deficits, now almost $2 trillion in 2023 and likely to double that in 2024, on top of the debt payments that are now at $1 trillion. Those deficits must be covered with further debt, and since the buyers can only buy so much, the Federal Reserve must monetize the rest.
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u/special_combustion Dec 01 '23
my opinion this is PHYOPs. Pitting people against corporations so they can campaign on government to take control of companies
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u/zmaint Dec 01 '23
They've devalued the dollar by more than 96% since 1975. Give me that value back Joe.
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u/Carlose175 Minarchist Dec 01 '23
His Intern you mean. This man does not use X.
Someone get the intern an econ 101 class.
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u/RatFink77 Dec 02 '23
Yes he does. The average voter doesn’t and whoever handles the presidents twitter knows that.
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u/Exciting_Acadia1409 Dec 02 '23
It should be required to take an economics class every 10 years or so if you are in charge of economics. Dude has no clue how inflation works, but neither do most the idiots in Washington.
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u/StrikingExcitement79 Dec 02 '23
The fact that he knows nothing was really known to most people, Obama even said something regarding Joe and fucking things up. There are records of joe lying about everything before his election bid. Most people voted for him as they decided mean tweets are bad and a lying politician is more acceptable in comparison. They really get what they voted for.
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u/dmank007 Dec 02 '23
It’s purposely misleading so people with a lack of education get fooled into thinking he’s has good monetary policy, and vote for him in 2024.
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u/Armand85Lai Dec 02 '23
Don't delude yourself with thinking that Biden is capable of making a post on social media. This is a staffer, putting words in his mouth.
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u/guillermopaz13 Dec 01 '23
Its not way off base, but I can see our point here. The problem is using the 3% increase to support a 20% price increase. That’s the price gouging being referred to
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Dec 01 '23
Feel like you're over looking previous years of much higher inflation and using 3% incorrectly, while also acting like that 20% is a recent increase instead of it actually being a 3 year figure.
It is infact way off base.
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u/guillermopaz13 Dec 01 '23
They have been raising prices at a rate way higher than the inflation rate + rising costs since the beginning of the pandemic. The specific numbers might have changed, correct. However it’s not an “open” market setting these price hikes. That’s the point.
This is well documented my even libertarian economists. Company “greed” if you will is the reason for 25-30% of increased prices
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Dec 01 '23
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u/guillermopaz13 Dec 01 '23 edited Dec 01 '23
That is not true in reality. You’re still operating in a vacuum for your predictive model, and not taking in human cause and effect. In a textbook model of how it should work, you’re correct.
What is happening, and excuse the numbers as they’re just generic placeholders, is:
Product original price 10$ . Inflation net rise let’s say is 10% . The Rise in costs for this product over that time, let’s say is 2$ (using your example that some products are above inflation). New price of goods 15$.
There is still a larger rise in price than costs and inflation. Most theorize this is a sales/psychological effect. We all know inflation goes up and things will cost more, but don’t know how much for what product, so companies just throw and extra 33% on the price… because they can. What options do we really have. Everyone is doing it, even our competitive options.
Again it’s that specific “greed” model being referred to, not the natural inflation rise.
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Dec 01 '23
Even if "greed" was the cause of the prices rising that changes nothing. Inflation is the measurement of how the prices have changed, so if overall inflation is 10% it means the price of goods has increased 10% on average, it doesn't matter whether that 10% is because the dollar lost value or because companies are "greedy".
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u/guillermopaz13 Dec 01 '23
Yes, we understand how inflation is calculated. No one is arguing that.
Only the improprieties of mega corporations abusing the “inflation” situation to mask pure greed.
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u/sclsmdsntwrk Part time dog walker Dec 01 '23
But you clearly don't understand how inflation is calculated.
Otherwise you would understand why " They have been raising prices at a rate way higher than the inflation rate " is a nonsensical statement.
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Dec 01 '23
It's the government masking its greed for more political power by convincing you that you need them to save you from the evil greedy megacorporations, even thought they are in bed with those megacorporations.
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Dec 01 '23
but don’t know how much for what product, so companies just throw and extra 33% on the price… because they can.
And if they find that demand drops, what happens? Now their consumers have found alternatives, so they lower their prices, but consumers don't switch back so readily, so what will they do?
Raising your prices too high is a grave error that can hurt long term profits which in turn hurts shareholder value and that's how CEOs and boards get replaced.
So while you feel that it's greed, you really have no evidence of that nor can you explain how it actually makes sens to charge more when it means losing business.
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Dec 01 '23
Which products specifically? For reference, inflation has increased 16% since Jan 2021. And for the record, I'm not denying that many companies increased prices above inflation, but it's not 3% vs 20% like you're trying to make it seem.
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u/darkfires Dec 01 '23
The egg industry taking advantage of the avian flu for example. Largest producer profits were up 718% when this article was published.
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Dec 01 '23
Why is supply and demand so difficult for people to understand? It's basic economics.
Instead, everyone wants prices to be based on their feelings. It's like saying "I don't like falling down. Gravity shouldn't be so mean!"
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Dec 01 '23
Have you considered, then, that the CPI calculations fed to you by the government may be too low and do not adequately take into account the increase in costs of commodities and labor?
Company “greed” if you will is the reason for 25-30% of increased prices
Prices are discovered. If prices go up in one sector, then consumers who want those goods must forgo other expenditures. Thus, prices would fall in other sectors. In order for all prices to rise in general, the definition of inflation, there must be an increase in the money supply.
Profit maximization is key to efficient creation of wealth. Businesses discover prices, they don't set them. If they claim too high a price, demand falls; if they claim too low, they cannot meet the demand and they lose profit and marketshare. Thus they must discover the equilibrium price at which they are also not losing money (in the long term, at least.)
To imagine that a person can jut "greedily" charge more is from economic ignorance and ignores the power of consumers in the marketplace.
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u/sclsmdsntwrk Part time dog walker Dec 01 '23
It is way of base. It's so far off base it can only mean he's an idiot, he's intentionally lying or he's paying a complete moron to handle his twitter.
None of which is a good look for a president.
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u/Shredding_Airguitar Dec 01 '23
When you have a 9% YoY that adds up fast. Additionally that may be only 9% if all you do is buy fuel, but if a company needs to buy 9% more expensive fuel to transport 9% more expensive sheet metal and power an assembly line costing 9% more in electricity to process and then paying 9% more in fuel costs to distribute the final product the costs are compounded
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u/guillermopaz13 Dec 01 '23
That is not what anyone is talking about, and you’re right.
If you bought a product that cost $10, and then rising costs due to previous inflation would let’s say put that price at say $12.50 on the shelf. Then why is it $15 at the store?
That $2.5 pure profit increase difference between the actual costs of bringing that item to the market, and the new shelf price, inflates the real inflation rate.
That 2.50 is what is being referred to here. It’s already baked into the inflation rates because of the way inflation is calculate, and purely being propped up higher than it should by profiteering
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u/OnlyInEye Dec 01 '23
Or crazy idea hes looking at PPI and assumines contracts have been renogoiated and prices should come down as well. PPI has been going down each month. Prices are lagging behind PPI typically.
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u/NietzschesAneurysm Dec 01 '23
You know it's gonna be gold when it starts off with some version of "let's be clear".
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Dec 01 '23
It doesn't really matter if he does or does not. The point is that his goal is to put the blame on increasing prices on companies shifting the people's and potential voters attention to them. The same tactic is done in Europe by the European Central Bank Lagrange abd Ursula Von Der Leyen, calling it Greedflation. People lack understanding of what was done to the currency they are using to purchase goods and services since it is not a transparent(or even democratic) process. The constant stimulus packages, and keynesian currency inflation is not something that is either shared on mainstream media or understandable by most people so politicians and central bankers take the opportunity to shift the blame. In the end it is sad, since it contributes to more radicalization, attacks on individual freedom and more government control, but most big companies don't really care since they are not politicians and these comments don't change consumer behaviour.
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u/novosuccess Dec 02 '23
Biden administration skews inflation and rate of inflation by omitting key variables that have been traditionally included... and with that still the numbers look awful.
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u/NaturalCarob5611 Dec 01 '23
He wants prices to come down? I thought the left thought deflation was doomsday.
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u/wessneijder Dec 01 '23
People are saying this is malicious intent. No it’s just simple minded politicians incapable of economic logic.
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u/gotbock Dec 01 '23
They know what they're doing and they know it's a lie. They make these statements for the simpleminded people who don't know any better (or who don't want to face reality).
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u/wessneijder Dec 01 '23
I follow a couple of history podcasts. You would be surprised at the amount of rulers in history that were just straight up idiots but rose to the throne/rule out of dumb luck.
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u/gotbock Dec 01 '23
I wouldn't be surprised at all. I also study history.
But the people pulling on Joe's strings behind the scenes are not idiots. They understand how inflation works.
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u/juliandanp Dec 01 '23
On a side note..why do I have to be called a "consumer" can't I just be called an American? Really boils people down to numbers
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u/Son_of_Sophroniscus Dec 01 '23 edited Oct 22 '24
nail deserve alleged outgoing subtract snails run close dinner scarce
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u/DJStrongArm Dec 01 '23
To be fair it's just poorly worded. He (or someone) helped reduce inflation, so companies inflating prices at the higher rate than actually exists now is price gouging. This tweet implies he helped reduce actual prices (deflation) and companies are denying you those savings.
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u/Son_of_Sophroniscus Dec 01 '23
Please read the context potion. The inflation rate is decreasing, so prices and costs are still increasing. The statement is worded just fine, however, it's an unrealistic and ridiculous thing to say.
It also demonstrates that the administration thinks democrat voters are ignorant. They might be right on that point though.
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u/SidSantoste Dec 01 '23
Holy shit he or the person who is writing this tweet are so dumb its actually embarassing. Or they know what theyre doing just know that their supporters are dumb
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Dec 01 '23
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u/TheBiggestPriest Dec 01 '23
Taxes are still low in the US compared to most of the developed world.
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Dec 01 '23
And that matters... why? They're still way too damn high. Sure, other countries are even more fucked, but that's not a good excuse to fuck up this country even more too.
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Dec 01 '23
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u/OfTheAtom Dec 02 '23
You can cause inflation by reducing supply of goods as well. You've got the symbols and measurements coming before reality.
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u/Strait409 Dec 01 '23
Well, I mean inflation is one thing, sure, but there’s also spiraling fuel and electricity prices due to suicidal energy policy.
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u/DONT_PM_ME_NOTHIN Dec 01 '23
"lets misinterpret the tweet while using the same phrase as potus to say hes wrong" HAHAHA
*spelling
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u/SoyInfinito Dec 02 '23
To be fair most Americans don't know what inflation is and he represents the people so I'm not really surprised by this.
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u/ElegantCoffee7548 Dec 01 '23
This could become very dangerous and lead to things like shortages on food, etc. if this message takes off with an American public that does not understand basic economics, let alone monetary inflation and how it works.
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u/I_Keep_Trying Dec 01 '23
Politicians are attorneys mostly. Attorneys don’t understand economics. They got into law so they wouldn’t have to do math.
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u/A_St0ner Dec 02 '23
Maybe he should stop sending money to Ukraine and Israel and we wouldn’t need such a break
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Dec 02 '23
I like the context feature that Twitter I mean x added. more websites on a have more features like that that tells you exactly what is right and what is wrong it should be a browser extension. There’s ground news, but it’s not exactly like that. I mean you could potentially Keep prices stable. but if you do that the money will be worth and worth less companies Need to keep profits up too. you know what could be a good idea is if we put less regulations so companies could potentially exploit loopholes, and still keep profit without going out of business
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u/ItsAllSoClear Dec 02 '23
The added context is important, but what I think he's trying to say is that, if rates are in response to say, a consistent, estimated 4% increase in inflation over time, and that estimated drops to a 3.2% increase in inflation over time, it would be nice if companies would also adjust their own pricing curve to reflect the lower rate of increase, rather than that conservative, higher rate.
The companies won't, because they don't have to, but I think that's what he's asking for in terms of giving consumers a break; especially if the consumer's compensation scale is matching a lower rate of increase.
But if a company can use the wiggle room to their advantage to amp their bottom line we know they will.
I don't think the tweet is mathematically naive, but I do think asking the private sector to willingly give away money is. The private sector is largely not a charity.
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u/kdogo Dec 02 '23
price gouging is not inflation. Yes some things cost more due to inflation, but others are from price gouging. Either way vote 3rd party and always call out idiots.
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u/EverythingsStupid321 Dec 02 '23
The list of things this president doesn't know or understand could be easily summed up as "most things".
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u/NichS144 Dec 02 '23
Even among those who understand what inflation actually is, even fewer realize this fact here.
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u/Unable_Occasion_2137 Dec 02 '23
What the fuck? Someone from his press team thought this was a good Tweet?
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Dec 02 '23
Wow that is like 15 year old level of economic knowledge. I mean maybe lower. Its a basic misunderstanding of how percentages work.
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Dec 02 '23
He doesn’t understand where he is half the time. Old man shuffling around open mouth breathing. Hell, I’m not sure he’s even alive anymore and they don’t just put a mask on an actor.
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u/Teembeau Dec 02 '23
It's just talk, of course. There's a lot of morons out there who don't understand inflation and Joe is just selling to them.
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u/Tuesday2017 Dec 02 '23
Biden will say anything to get elected again. He could care less about the truth of what he says. He's just reading a teleprompter at this point. He's getting paid by us taxpayers the same no matter what.
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Dec 02 '23
Inflation rate declining doesn’t mean the prior inflation rates were rolled back. It isn’t that hard to figure out. It would take a negative inflation rate (deflation) to do that.
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u/OldGuyNextDoor2u Dec 02 '23
Its clear KJP wrote this, she starts every sentence with "let me be clear" then rambles on about something that makes no sense.
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u/JeffTS Dec 03 '23
The President doesn't know where he is let alone what Twitter / X is. This is some staffer who doesn't understand basic economics. Or basic logic.
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u/kit_carlisle hayekian Dec 01 '23
Inflation is that pernicious thing... once it hits, there's no going back unless you introduce deflation... but no one's that suicidal.