The Absurd GOP

[Angrboda]

Yeah, Biden ruined our economy.  And he made other countries' economies worse.  That's some powerful shit.

LOW INFLATION (BUT NOT ALWAYS FOR GOOD REASONS)

Inflation was much lower under Trump, never topping an annual rate of 2.4%, according to the Bureau of Labor Statistics. The annual rate reached as high as 8% in 2022 under Biden and is currently at 3.4%.

There were three big reasons why inflation was low during Trump’s presidency: the legacy of the 2008 financial crisis, Federal Reserve actions and the coronavirus pandemic.

Trump entered the White House with inflation already low, largely because of the slow recovery from the Great Recession, when financial markets collapsed and millions of people lost their homes to foreclosure.

The inflation rate barely averaged more than 1% during Obama’s second term as the Fed struggled to push up growth. Still, the economy was expanding without overheating.

But in the first three years of Trump’s presidency, inflation averaged 2.1%, roughly close to the Fed’s target. Still, the Fed began to hike its own benchmark rate to keep inflation low at the central bank’s own 2% target. Trump repeatedly criticized the Fed because he wanted to juice growth despite the risks of higher prices.

Then the pandemic hit.

Inflation sank and the Fed slashed rates to sustain the economy during lockdowns.

When Trump celebrates historically low mortgage rates, he’s doing so because the economy was weakened by the pandemic. Similarly, gasoline prices fell below an average of $2 a gallon because no one was driving in April 2020 as the pandemic spread.

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease