superrific
Inconceivable Member
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Larry Summers also thought the 2009 stimulus would cause inflation and it didn't. Larry Summers is not God. He doesn't see the future.…..AND. the 6.2 addition trillion Biden spent on his three mammoth bills filled with pork. Larry Summers warned that this spending would cause inflation and it did. Don’t say COVID. By the spring/summer of 2021 it was mostly over with most people vaxed.
And the economic dislocations from Covid were absolutely not over. For one thing, China was in the midst of its own resurgence and it drastically limited trade as a result. Did you notice how the shelves were empty? That wasn't Biden and it wasn't spending. It was the fact that the people who make things couldn't get their materials, and if they could, they didn't necessarily have the labor, and if they did, they didn't have transport. It makes me upset that Pete B didn't get more credit for unfurling the massive problems at our ports that were causing massive backlogs.
Also, it's hard to grow the economy when 1M people die and another 200K have long-term disability. To say nothing of the retirements. When you shrink the population like this, GDP has to fall (at least against trend). Inflation is one way the GDP decline can manifest itself. That's not on Biden, and to some extent it's not on Trump either. Trump badly mismanaged the pandemic and our population and our economy suffered from it, but it's not as if anyone could have made the pandemic go away. So there was going to be an economic shock one way or the other.