I guess I will never stop learning, my dear friend. This time you’ll have to forgive my sarcasm, but I can’t really take the analysis seriously considering a clearly partisan editorial; a harsh critique of Biden’s policies (ignoring what he inherited) and the MUCH softer framing of Trump’s actions. Again, in fact, you judge the Chief Executive or a tenant for the way he/she finds the house... not the way he/she leaves it.
For instance, inflation is a stealth tax now? Of course, it is... since it usually pops up in the form of an executive order or an edict. Something Biden did and Trump will reverse with the red switch conveniently placed on the right side of the Resolute Desk. After all, who wouldn’t recommend the President increase inflation? It’s rule number one in the book, "How to Lose Your Reelection".
And here I was thinking it had something to do with, you know, a global pandemic, supply chain chaos, a war in Europe, and central banks playing rate-hike roulette. Silly me for thinking it was a bit more complicated. Clearly, Biden’s fiscal policies are so powerful they even managed to inflate gas prices in Italy. Was he on a Zoom call with OPEC, or was Janet Yellen running that one while sipping her matcha oat latte?
Also, I have to say, the alien economist-abduction scenario is a bold touch. A terrifying supply shortage we should all worry about! But if economists suddenly become scarce, should we start hoarding lawyers? Seems like a solid backup plan.
And then there’s the wild claim that tariffs on China didn’t (and won’t) affect inflation. Sure, let’s just ignore how raising import costs directly increases the price of goods here. It’s not like we all saw prices jump on everything from electronics to basic goods when those tariffs kicked in, right? Let me guess... next, you’ll argue a 25% tariff on semiconductors would have no impact because apparently, chips grow on trees now.
Anyway, glad to see we’ve cracked the code: it’s all just government spending and taxation. Forget years of Fed’s ultra-low rates or, I don’t know, that tiny little event called COVID. But hey, if it’s all about 'your money,' maybe your next post can dive into how aliens caused the housing crisis. I’d definitely tune in for that one.
Last but not least, can you please tell Florida to stop burning books? They’re clearly out of the playbooks on gender adjustments and have moved on to the good stuff, like economics. Let’s save some classics for the next debate!
Fabio, my friend, I hardly know where to start. You accuse me of being partisan, but I clearly stated that Trump started the fiscal madness, that he might well have carried it on like Biden did, had he been re-elected, and that his fiscal plans for his incoming term are reckless. It feels like whatever I say other than "Biden's economic policies were perfect", you will label as MAGA propaganda, and it seems you are not really reading my arguments: on tariffs I did say that they will cause US consumers to pay higher prices on the targeted goods. That is different from inflation -- which was kind of a key point of this blog. Trump imposed tariffs on China in March 2018; in 2018 US inflation rose by just 0.3pp compared to the previous year, and fell back by 0.6 pp in 2019. Once again, I feel like I have to apologize on behalf of reality...
Excellent... and if I misread the softer tone on one side, I stand corrected :-)
And I still thank you for the analysis... thought-provoking as always. One question: your piece discusses the improvements in the debt-to-GDP ratio over 2021–2024. Do you attribute these improvements more to Trump’s initial fiscal policies or Biden’s continuation and adjustments? I’d love to hear how you weigh their respective contributions.
I guess I will never stop learning, my dear friend. This time you’ll have to forgive my sarcasm, but I can’t really take the analysis seriously considering a clearly partisan editorial; a harsh critique of Biden’s policies (ignoring what he inherited) and the MUCH softer framing of Trump’s actions. Again, in fact, you judge the Chief Executive or a tenant for the way he/she finds the house... not the way he/she leaves it.
For instance, inflation is a stealth tax now? Of course, it is... since it usually pops up in the form of an executive order or an edict. Something Biden did and Trump will reverse with the red switch conveniently placed on the right side of the Resolute Desk. After all, who wouldn’t recommend the President increase inflation? It’s rule number one in the book, "How to Lose Your Reelection".
And here I was thinking it had something to do with, you know, a global pandemic, supply chain chaos, a war in Europe, and central banks playing rate-hike roulette. Silly me for thinking it was a bit more complicated. Clearly, Biden’s fiscal policies are so powerful they even managed to inflate gas prices in Italy. Was he on a Zoom call with OPEC, or was Janet Yellen running that one while sipping her matcha oat latte?
Also, I have to say, the alien economist-abduction scenario is a bold touch. A terrifying supply shortage we should all worry about! But if economists suddenly become scarce, should we start hoarding lawyers? Seems like a solid backup plan.
And then there’s the wild claim that tariffs on China didn’t (and won’t) affect inflation. Sure, let’s just ignore how raising import costs directly increases the price of goods here. It’s not like we all saw prices jump on everything from electronics to basic goods when those tariffs kicked in, right? Let me guess... next, you’ll argue a 25% tariff on semiconductors would have no impact because apparently, chips grow on trees now.
Anyway, glad to see we’ve cracked the code: it’s all just government spending and taxation. Forget years of Fed’s ultra-low rates or, I don’t know, that tiny little event called COVID. But hey, if it’s all about 'your money,' maybe your next post can dive into how aliens caused the housing crisis. I’d definitely tune in for that one.
Last but not least, can you please tell Florida to stop burning books? They’re clearly out of the playbooks on gender adjustments and have moved on to the good stuff, like economics. Let’s save some classics for the next debate!
😘
Fabio, my friend, I hardly know where to start. You accuse me of being partisan, but I clearly stated that Trump started the fiscal madness, that he might well have carried it on like Biden did, had he been re-elected, and that his fiscal plans for his incoming term are reckless. It feels like whatever I say other than "Biden's economic policies were perfect", you will label as MAGA propaganda, and it seems you are not really reading my arguments: on tariffs I did say that they will cause US consumers to pay higher prices on the targeted goods. That is different from inflation -- which was kind of a key point of this blog. Trump imposed tariffs on China in March 2018; in 2018 US inflation rose by just 0.3pp compared to the previous year, and fell back by 0.6 pp in 2019. Once again, I feel like I have to apologize on behalf of reality...
Excellent... and if I misread the softer tone on one side, I stand corrected :-)
And I still thank you for the analysis... thought-provoking as always. One question: your piece discusses the improvements in the debt-to-GDP ratio over 2021–2024. Do you attribute these improvements more to Trump’s initial fiscal policies or Biden’s continuation and adjustments? I’d love to hear how you weigh their respective contributions.