The “I don’t know how it works” line perfectly describes the right wing response to the economy. Their solution to any and all situations is to give tax breaks to billionaires.
You know, presidents have practically nothing to do with the economy. Unless they lay on the tariffs and drive up prices, as 45 did, they should stick to aiding the general population and foreign affairs.
Here seems like a good place to reply to Naybob Bill.
Bollocks. Cuba, Venezuela, the USSR, their failure is a result of MANY factors. One of the largest factors is they were foolish enough to become involved in competition with the US and we did everything we could to crush them. Why are they miserable hell holes? Because that’s the way we like it!
Likewise, American success is more than a result of our economy. We are strong and powerful, with limitless resources. We have billionaires with more money then most countries. We have billionaires going to SPACE. America is so rich we can afford to GIVE our billionaires money by simply failing to tax them.
Your comparison of the American economy to that of Cuba, Venezuela or the failed Soviet Union is ridiculous and childish.
Chip and Bill, even I predicted there would be an inflation blip this summer once most of the travel and entertainment restraints were lifted. People had money they did not spend last year saved up, many families received three doses of stimulus money they did not need to spend, and the things we spent it on tend to be volatile: travel, food, and entertainment. So yes, there is a lot of money in the economy purchasing gasoline, rib eye steaks and Springsteen concerts and consequently prices have been increasing. Wait until this fall when the car is back in the garage, the children are in school and mom and dad are back to their commutes, and the price of a gallon of gas will decline and there will be sales on porkchops and sirloin steaks. Then you and Montana Bill will be quoting Lawrence Kudlow alleging that we are in a Biden depression. Kudlow will be half right as usual, because the weather in the west this summer will be driving down prices of commodities, because ranchers and farmers will be sending their livestock to market but on the other hand, the price for vegetables, fruit, nuts and wine will increase because of drouth, heat and fires.
Supply is DOWN because demand had gone down during the pandemic. Contrary to the constant BS about tax cuts, companies don’t spend money, invest or hire without demand. When demand rose, then supply wasn’t there so prices have gone up more. Bok should be embarrassed by lack of understanding what is the most basic part of economics.
What’s amazing is if you Google “what causes inflation” you get so many different answers by various financial sources. One common theme among them: relationship between supply and demand, consumer vs government spending. We’ve seen supply drastically reduced and demand increased recently; and don’t get me started on government spending while also cutting tax revenue. No surprise inflation is happening.
Inflation is painful. Particularly when your income isn’t keeping up, as happens with folk in my age bracket who are living on sociable insecurity: We get an indexed change AFTER the fact (and very often, seems to me, LESS than the facts too). And, too, most folks who still have the job they had last year will be falling behind until they or their union renegotiates their pay scale. Who’s NOT hurting? Folks coming on board while companies are desperate for employees, folks who are just coming to a new job at a mid or higher level, folks who work on contract and are negotiating new contracts, and fatcats.
But here’s what Bok’s been forbidden to talk about by his owners: Most of the economists are predicting that this inflation will reduce real soon now. They point out that the pandemic has severely impacted industry’s ability to produce, and because of government payments, many folks have NOT reduced their demand. Note the shortages of new cars, the incredible price of real estate, etc. Other things (food, connectivity, rent for many people, clothing) have inflated only a little if at all. Once productivity catches up (and people realize that they don’t really want to own a house at THAT price), these experts… and I… predict that inflation will ease, and MIGHT even reverse course perhaps, a touch.
PS: Who benefits by inflation? The folks who borrowed high value money and are now required to pay back lower value money. This harms banks… so you had better bet that they will see to it that inflation stays controlled.
Presidential policies have little effect on inflation, neither Trump’s nor Biden’s have had anything to do with structural bottlenecks inevitable after an economic contraction like the one during the height of the pandemic. Maybe both parties are inclined to blame unwelcome news on the president (of the other party) but Trump was particularly crass about claiming credit for anything good that happened on his watch (including a persistent confusion about whether the stock market is a reliable proxy for “the economy”), and quick to blame anything that went wrong on either Obama or Clinton, maybe both at the same time
GiantShetlandPony almost 3 years ago
Yeah, because nothing became more expensive under Trump.
Pretending that inflation didn’t exist until Biden is delusional.
julie.mason1 Premium Member almost 3 years ago
The “I don’t know how it works” line perfectly describes the right wing response to the economy. Their solution to any and all situations is to give tax breaks to billionaires.
rmfrye Premium Member almost 3 years ago
Back to Econ 101, Chip.
Darsan54 Premium Member almost 3 years ago
Completely wrong in the message, but I must admit a rather clever call-back to The Wizard of OZ themes.
preacherman almost 3 years ago
You know, presidents have practically nothing to do with the economy. Unless they lay on the tariffs and drive up prices, as 45 did, they should stick to aiding the general population and foreign affairs.
ChristopherBurns almost 3 years ago
When the phrase “Some folks think…” is used, you can discount anything that follows.
Durak Premium Member almost 3 years ago
Such a waste of mediocre talent.
Teto85 Premium Member almost 3 years ago
Like the balloon, Chip is full of hot air.
Patjade almost 3 years ago
Baghdad Bok showing off his ignorance once again.
IndyW almost 3 years ago
Good Wizard of OZ reference.
Durak Premium Member almost 3 years ago
Here seems like a good place to reply to Naybob Bill.
Bollocks. Cuba, Venezuela, the USSR, their failure is a result of MANY factors. One of the largest factors is they were foolish enough to become involved in competition with the US and we did everything we could to crush them. Why are they miserable hell holes? Because that’s the way we like it!
Likewise, American success is more than a result of our economy. We are strong and powerful, with limitless resources. We have billionaires with more money then most countries. We have billionaires going to SPACE. America is so rich we can afford to GIVE our billionaires money by simply failing to tax them.
Your comparison of the American economy to that of Cuba, Venezuela or the failed Soviet Union is ridiculous and childish.
walkingmancomics almost 3 years ago
Which is it, Mr.Bok, you’re misguided, or a liar?
HT-Missouri Premium Member almost 3 years ago
Chip and Bill, even I predicted there would be an inflation blip this summer once most of the travel and entertainment restraints were lifted. People had money they did not spend last year saved up, many families received three doses of stimulus money they did not need to spend, and the things we spent it on tend to be volatile: travel, food, and entertainment. So yes, there is a lot of money in the economy purchasing gasoline, rib eye steaks and Springsteen concerts and consequently prices have been increasing. Wait until this fall when the car is back in the garage, the children are in school and mom and dad are back to their commutes, and the price of a gallon of gas will decline and there will be sales on porkchops and sirloin steaks. Then you and Montana Bill will be quoting Lawrence Kudlow alleging that we are in a Biden depression. Kudlow will be half right as usual, because the weather in the west this summer will be driving down prices of commodities, because ranchers and farmers will be sending their livestock to market but on the other hand, the price for vegetables, fruit, nuts and wine will increase because of drouth, heat and fires.
StackableContainers almost 3 years ago
Considering Biden knows more about the economy than 99% of Americans, this is a pretty hard core insult against Americans in general.
1BlackLivesMatter Premium Member almost 3 years ago
5 trillion in social spending, pay for it by printing money – that equals inflation, Joe!
DrDon1 almost 3 years ago
To his ‘credit,’ Bok can cram a lot of stupidity into one panel!
ferddo almost 3 years ago
Voters fall for the glib tongues over reality and performance every time…
BeniHanna6 Premium Member almost 3 years ago
I am the great Oz! Pay no attention to all my blunders behind the curtain!
Nantucket Premium Member almost 3 years ago
Supply is DOWN because demand had gone down during the pandemic. Contrary to the constant BS about tax cuts, companies don’t spend money, invest or hire without demand. When demand rose, then supply wasn’t there so prices have gone up more. Bok should be embarrassed by lack of understanding what is the most basic part of economics.
wschurchill almost 3 years ago
WTF, Bok.
ndblackirish97 almost 3 years ago
What’s amazing is if you Google “what causes inflation” you get so many different answers by various financial sources. One common theme among them: relationship between supply and demand, consumer vs government spending. We’ve seen supply drastically reduced and demand increased recently; and don’t get me started on government spending while also cutting tax revenue. No surprise inflation is happening.
Redd Panda almost 3 years ago
what kinda name is ‘’chip bok’’? Cambodian?
Concretionist almost 3 years ago
Inflation is painful. Particularly when your income isn’t keeping up, as happens with folk in my age bracket who are living on sociable insecurity: We get an indexed change AFTER the fact (and very often, seems to me, LESS than the facts too). And, too, most folks who still have the job they had last year will be falling behind until they or their union renegotiates their pay scale. Who’s NOT hurting? Folks coming on board while companies are desperate for employees, folks who are just coming to a new job at a mid or higher level, folks who work on contract and are negotiating new contracts, and fatcats.
But here’s what Bok’s been forbidden to talk about by his owners: Most of the economists are predicting that this inflation will reduce real soon now. They point out that the pandemic has severely impacted industry’s ability to produce, and because of government payments, many folks have NOT reduced their demand. Note the shortages of new cars, the incredible price of real estate, etc. Other things (food, connectivity, rent for many people, clothing) have inflated only a little if at all. Once productivity catches up (and people realize that they don’t really want to own a house at THAT price), these experts… and I… predict that inflation will ease, and MIGHT even reverse course perhaps, a touch.
PS: Who benefits by inflation? The folks who borrowed high value money and are now required to pay back lower value money. This harms banks… so you had better bet that they will see to it that inflation stays controlled.
wschurchill almost 3 years ago
Bok, please tell us where you got your degrees in Economics so we can steer our kids away from them.
AndrewSihler almost 3 years ago
Presidential policies have little effect on inflation, neither Trump’s nor Biden’s have had anything to do with structural bottlenecks inevitable after an economic contraction like the one during the height of the pandemic. Maybe both parties are inclined to blame unwelcome news on the president (of the other party) but Trump was particularly crass about claiming credit for anything good that happened on his watch (including a persistent confusion about whether the stock market is a reliable proxy for “the economy”), and quick to blame anything that went wrong on either Obama or Clinton, maybe both at the same time