Quote:Just curious what you guys are making of the current economic dire straits the country finds itself in, and how you relate it to the current administration. Also, what bearing does this have on the country's future?
I have just been busy with real world things more than anything.
I mean it is not good economically, but it is not unique to the US. So it is a difficult thing for any one country to address and impact all of the others.
I think raising rates is the right move to try and curve inflation but given that does not fix supply chain issues, it is probably not going to resolve all of them.
The current Biden administration is going to take the blame, but I honestly think alot of it falls more in the bad luck category of timing than anything else. I am not sure if anyone is prepared for a war that impacts food supplies and energy supplies through the world. And there is only so much you can do about that.
I do think it should be a wake up call to keep pushing alternatives to oil to make the world less reliant on Russia and the Middle East for energy.
Inflation is not going to go down to classic levels, IMO, until international issues are fully resolved. Otherwise demand is going to simply outstrip supply. Not to mention companies making money where they can and making it a bit higher on top of everything else.
I do not think the Biden administration has clean hands with all of this or the government in general, but the options they have are somewhat limited. If the Russia-Ukraine conflict does not happen I doubt the inflation issue is that much of a problem. It is true it was high before the war started, but it was pushed into overdrive by it and it may have even already been on a downward slope.
The bad part, at least politically in the US, is all this sets up for the GOP to do pretty well in the midterms. If they were a normal political party that is fine. The current brand has a strong inclining to never accept non-GOP winning elections again or do anything useful for the country on numerous fronts. That to me is more concerning. And there is nothing they can do about the current issues either that would be more than maginal impacts.