Comments by "Marcus W" (@Mawyou) on "Inflation will move higher and last longer than expected: Former Dallas Fed president" video.

Are you saying Build Back Better caused global inflation even though it was never passed?
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They wanted to juice the recovery and get unemployment down, which they accomplished. Unfortunately they assumed supply problems (closed factories, worker shortages) would be temporary. So they kept juicing demand while supply stayed the stayed clogged up and low. Result --> shortages and higher prices.
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@peter7624 Do you have honestly have any idea what's in Build Back Better? You know you can Google that stuff. Lack of curiosity is not a virtue
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@KevinStDenis1 Have you considered that it's possible Biden has not done anything to help because it's not technically the president's job to manage the economy. As has been noted many times. People want to pick sides and blame who they want to blame, but talk to ANY analyst who knows what they are talking about and they will tell you it's a worldwide supply shortage caused by the pandemic. Same with gas prices. A WORLDWIDE shortage. Couple that with 1. the Fed's trillions of dollars in easy money to support the recovery, and 2. the Fed's assumption that supply chain issues were temporary --> high demand, low supply ---> prices go up People start freaking out and start looking for answers when times are hard. Usually the answers they latch onto are the wrong answers because they hear them from people trying to win an election. Sorry to tell you there is no one person who can be blamed, as much as you might want someone to blame. Blame the Federal Reserve for not raising interest rates back in 2021.
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@keylimepie1234 Feel free to elaborate on how those departments caused worldwide inflation. I'd really like to know. And please try to be accurate.
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@keylimepie1234 Yes, every president will run their campaign on improving the economy. Because they know that everyone who didn't go to school for accounting, finance, or economics will fall for that mess. Most people don't know what the Federal Reserve is, let alone what it or any other central bank even does. And most people have little interest in giving a president they already don't like the benefit of the doubt if it means they have to read a few educational articles on wikipedia.
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@KevinStDenis1 Yes, I am saying that no president has any powers to lower inflation. 1. Covid lowered global supply. 2. The independent central bank overjuiced demand thinking that supply problems were temporary. 3. Inflation and gas prices are sky high all over the world, not just here. You can take that however you want, the educated way or the "my brain hurts, I'll just blame Biden" way.
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@keylimepie1234 And it would be logical to assume that Biden is already doing those things, seeing as he would like to be reelected. But generally, in most countries as well, as the US, inflation is controlled by the central bank. The Central bank was purposely made to be independent from the President.
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@Mmmmmm-nv2tp Are you saying that Biden invaded Ukraine? Cause I'm pretty sure that's not what happened
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It's not like you can have them not be involved though. Their main job is to keep the economy in balance. They just made a huge mistake by assuming inflation and supply chain problems were temporary, so they kept pushing easy money into the economy. Too much demand, not enough supply. But hindsight is always 20/20
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@cogen651 People have not been telling them for years. They first started juicing the economy in March 2020 when covid hit. Supply issues didn't pop up until the spring of 2021 as the world started reopening. At most they are 6 to 9 months behind the curve.
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@cogen651 That is true, but that's because inflation was right at the Fed's target level of 2 percent that whole time. There was technically no signal to raise rates, so they kept them low to push unemployment to record lows (obviously Trump took the credit). They did finally start slowly raising rates at the end of 2015, but the markets got skittish in 2019 so they had to cut them back again. Then Covid hit in 2020 so they took rates back to zero and ramped up QE again.
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@cogen651 I agree. But you're talking about before Covid. What they were doing back then was admittedly working. But what's happening right now cannot really be linked to what they did before Covid. Pretty much everyone will agree that rates needed to be cut to zero when covid hit and crashed the economy. Which means the problem zone should be limited to just the past year or two.
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They could do it very quickly by raising interest rates to 5 percent today. But they would crash the economy.
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