[Vision2020] Refuting Hassoldt

[Tom Hansen]

Courtesy of today’s Lewiston Tribune with thanks to the Palouse Pundit, Nick Gier.

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Refuting Hassoldt

It is a delicious irony that Bob Hassoldt’s Jan. 2 challenge to defend President Joe Biden’s economic performance was answered on the very next page by Dana Milbank
 
Adding to Milbank’s fact-filled column, I would like to bust the myth that Biden caused inflation by quoting from pro-capitalist Forbes magazine: “Without COVID, we would not be facing this ‘supply shock’ induced inflation.”

Claiming deficit spending causes inflation is not supported by the facts. For example, after the $1.9 trillion Cares (Coronavirus Aid, Relief, and Economic Security) Act, inflation did not rise appreciably for the rest of the year. But it did give a boost to working class families and brought half of their children out of poverty.

The recently passed infrastructure bill will make thousands of new jobs available. Republicans should negotiate to revise the Build Back Better bill if they are serious about helping working families.

OPEC controls the oil supply and U.S. presidents have learned they have little control over gas prices. As one analyst explains: “Oil costs account for 43 percent the price of regular gasoline. The remaining 57 percent comes from distribution and marketing, refining and taxes.”

At $7.8 trillion, former President Donald Trump, with his huge tax cuts, gave us the third largest budget deficit of any president. At his term’s end it was 14.9 percent of gross domestic product.

Within 11 months, Biden has reduced that, according to The Economist, to 12.4 percent.

Nick Gier
Moscow

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Seeya 'round town, Moscow, because . . .

"Moscow Cares" (the most fun you can have with your pants on)
http://www.MoscowCares.net

Tom Hansen
Moscow, Idaho

“A stranger is just a friend you haven’t met.”
- Roy E. Stolworthy
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