DUmmies hating on Carter - Want to fix inflation by stealing from "the rich"

[FunkyZero]

https://www.democraticunderground.com/100216899610

Thu Jul 7, 2022, 04:07 PM
In It to Win It (3,630 posts)


Jimmy Carter's former treasury secretary urges Biden to axe his economic agenda and
Business Insider via Yahoo News

A Carter administration official is offering President Joe Biden a piece of advice to combat inflation: He should abandon what's left of his economic agenda and focus on reining in the national debt instead to bring down rising prices.
"Inflation fighting comes first," W. Michael Blumenthal, a former treasury secretary for President Jimmy Carter in the late 1970s, told The New York Times in an interview published Tuesday. "He has to show the recognition to the public that inflation has lasting deleterious effects on the economy and that by trying to take half measures now, you merely prolong the pain of these effects."

"President Biden faces this dilemma, and it's certainly my hope that he will choose clearly, choose decisively and be very clear not only about the fact that he recognizes that inflation has to be dealt with, but that he is really willing to support painful steps to do that," Blumenthal said.

It comes as Democrats struggle to combat inflation, now at its highest level in four decades. Carter's term — which lasted from 1976 to 1980 — was marked by a similar spike in gas prices stemming from the Arab oil embargo and the Iranian revolution.
Today's surge in energy prices are the result of Western sanctions knocking out Russian oil from global markets, coupled with huge demand outstripping the available supply of oil. Biden and Democrats are blaming Russian President Vladimir Putin for driving up inflation, along with oil companies that are currently restraining domestic production.

Response to In It to Win It (Original post)Thu Jul 7, 2022, 04:19 PM
Star Member Layzeebeaver (950 posts)

2. I kind of disagree
Tax the rich instead.
Large amounts of disposable income drive up prices as well.
Focusing on inflation reduction hurts growth. Except that growth seems to now be characterised by the rich having more disposable income.
It doesn’t matter what shit costs when you can’t afford it anyway. What’s the result when Eggs and petrol have just doubled in price while you don’t have a decent paying job in the first place?

Ok, you may not agree with my logic, but there is some sense to it.

Response to Layzeebeaver (Reply #2)Thu Jul 7, 2022, 04:42 PM
Star Member riversedge (63,852 posts)

8. Does it take 51 votes to take the rich??

Response to In It to Win It (Original post)Thu Jul 7, 2022, 04:27 PM
JT45242 (1,179 posts)

4. Stfu you old moron
The federal deficit is not causing this.

Corporate greed and global supply chain issues are. But mostly greed.
Exxon posted the largest ever profit by dollars and percentage profits. High gas prices drive up transportation costs which drive up all other costs.

Response to In It to Win It (Original post)Thu Jul 7, 2022, 04:34 PM
Star Member Hortensis (52,333 posts)

6. Remembering that Carter from Georgia was a small government conservative
economically. And that he spent his single presidential term fighting the progressive Democratic house and senate majorities. His ideology was incompatible with their dreams of the significant progressive advances the Democratic trifecta voters elected made possible.
I'm not interested in what HIS treasury sec says because I'm still angry at the pathetic whimper they ended the great New Deal era with.

hahaha!

Response to In It to Win It (Original post)Thu Jul 7, 2022, 04:34 PM
Ritabert (433 posts)

7. First step is to rescind the $1.8 trillion tax break
......to billionaires. Next step is to make an alternative minimum tax that corporations and billionaires have to pay regardless of phony tax loopholes. Then stop the buying up of housing by hedge funds. Rent increases are one of the biggest causes of inflation.

There's so much stupid in this one thread, I can't possibly bring it all over... see for yourself

[SVPete]

Star Member Layzeebeaver (950 posts)

2. I kind of disagree
Tax the rich instead.
Large amounts of disposable income drive up prices as well.

* Wait! Inflation isn't due to Putin and the Russians? Heresy!!! MIRT Alert! MIRT Alert!!!

* Remember that talking-points term, "1%er"? The 1% don't eat any more, as a whole, than any random 1% among the 99%? So how can 1%, a tiny minority, of the population drive up prices for all?

* Inflation isn't due to Putin and the Russians? Heresy!!! MIRT Alert! MIRT Alert!!!

* Confiscatory taxes on productive people punishes and suppresses productivity. Suppressed productivity results in shortages and even higher prices. Brilliant!

* Inflation isn't due to Putin and the Russians? Heresy!!! MIRT Alert! MIRT Alert!!! Must sterilize! Must sterilize! Must sterilize! ... Must ...

[Rebel]

4. Stfu you old moron
The federal deficit is not causing this.

Corporate greed and global supply chain issues are. But mostly greed.
Exxon posted the largest ever profit by dollars and percentage profits. High gas prices drive up transportation costs which drive up all other costs.

Yet another DUmbass leftist who doesn't know what the fk a profit margin is. All they see is "Big number! Rabble Rabble Rabble!"