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The internet is being bombarded by memes with itemized grocery items along with their respective prices under Trump versus under Biden, as if Presidents from ANY party can set the prices of goods. The prices DID jump up under Biden, but not BECAUSE of him…at least, not directly. What DID happen under Biden is people had more money in their bank accounts along with having a job and better wages than under Trump. ANY economist can tell you what the driving forces are with inflation… available money in consumer pockets, high demand for the goods and low supplies. The Pandemic DID cause supply shortages. Remember the toilet paper crisis under Trump??? Trump didn’t create it directly either, but strangely, his cult members didn’t hold him accountable for it nor do they seem to remember it and the doubling and quadrupling of costs for things like rubbing alcohol, disinfectant aerosols, and nitrile gloves. Still, under BIDEN, wages rose above the cost of living, so if Biden is guilty of anything, it was promoting wage increases and jobs which gave citizens money in their pockets. In that sense, Biden WAS indirectly responsible for inflation. Meanwhile, the stock market has broken records for the past 3 years, GDP rose an average of 22% in the first 3 years (including a year of the pandemic), violent crimes in large cities have declined in each of the past 3 years, and unemployment is at a 40 year low. And the most recent inflation rate noted by the Federal Reserve Board is 2.7%. But none of these facts explain why prices are so much higher now than other years. What DOES explain it is corporate greed. Seizing on an opportunity to gouge consumers, corporations blamed the pandemic and supply chain issues with the rising costs of their goods. But all that has been corrected now for two years. Yet, these corporations have maintained the higher prices rather than rolling them back while simultaneously raking in BILLIONS in profits on the backs of the working class. Only Biden has promoted a “windfall profits” tax to take that money back and disperse it in services to the people who are most in need while recommending income tax changes that would make the rich pay their fair share and provide some relief to middle class taxpayers.
Under TRUMP, wages were stagnant for all four years and were BELOW the cost of living increases each of those years, even though the cost of living was below 3% consistently during that time, the stock market was in record territory for 2 of the years but far less than the current level, GDP average was 14% over his four years, including a year of the pandemic, violent crimes in large cities increased in his last 3 years, and unemployment continued to decline when he first took office thanks to the policies of Obama which he couldn’t undo until his own first budget took effect on Oct. 1, 2021, but then gradually ticked up as the pandemic took root before exploding when the pandemic hit full throttle. Trump pushed through a corporate tax cut of over $2 TRILLION for corporations which he made PERMANENT while giving some bread crumbs to middle class taxpayers that he scheduled to sunset in 2025. Why not make those few pennies for us as permanent as it is for corporations? Simple. He didn’t really care about us. It just made it more palatable to sell his corporate welfare to the uneducated masses. In fact, Corporations like General Mills recently announced a 20% increase in their retail prices for food blaming it on the inflation. Interestingly, they just paid their investors $300 million, bought back $150 million in stocks for the benefit of their execs and paid their CEO $16 million while claiming $2.1 billion in profits. And then there’s Walmart, it hiked the prices of its store brand products. And the results were staggering. Its net income shot up 93% to $10.5 billion by the end of Q4 2023. They then gave shareholders $5.9 billion in buybacks and quarterly dividends.
It’s not INflation, it’s GREEDflation. And we are the mules carrying the load.
If you STILL think that Trump is better for the economy after living through those facts, your dedication to stupidity is impressive.