Editor,

Mike Brown’s letter “Democrats’ historic inflation” in Aug. 22 issue of the Daily Journal is complete nonsense. If Mr. Brown had taken economics or business management classes in college, or, even bothered to do some research online, he would know that inflation is man made. He would also know that inflation is caused by the private sector, not by the government. The current high prices for gasoline is a prime example. Many of the giant oil companies are reporting record-breaking profits this year, totaling in the billions of dollars. President Biden and the government did not cause the current level of inflation. A little education, or research, goes a long way. Keeping with Mr. Brown’s theme, vote all local/state/federal Republicans out of office.

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(14) comments

edkahl

A little education on your part would show that high inflation, including our current one, is a result of too much government spending and mis-management of the money supply. The private sector reacts to inflation, it doesn’t cause it.

Jorg

All economics aside, Mike, it is actually very simple. If inflation happens during a Democratic president, it is totally his or her fault, - with worldwide implications. If it happens during a Republican president, he has nothing to do with it, it is still the Democrats’ fault. Get it?

Ray Fowler

Jorg

In response to Mike Brown's August 22 LTE which blamed Democratic Party presidents historically for inflation, I wrote, "Hello, Mike... I’m not too sure we can attribute more inflation historically to Democratic Party presidents... If we average the year to year Bureau of Labor Statistics inflation rates for US presidencies from Harry Truman through Donald Trump, we’ll find inflation averaging only slightly higher for the six Democratic Party presidents during that time period compared to seven Republican presidents. I don’t think such averaging shows historically higher inflation for Democratic Party chief executives."

So, Jorg... all economics aside... it is actually very simple. The presidents in the comparison surely point their fingers backward at their predecessors. That's what they do regardless of their political stripe. Your implication that Republican administrations feel insulated from the causes of inflation and instead blame their Democratic Party counterparts is just... well... Same Stuff, Different Day (SS,DD).

Dirk van Ulden

Ray - neither Mr. Oberg nor Jorg have a clue about the subject at hand. It makes no sense to dig up old stats on how prior administration mishandled the economy. What we are facing today is most important. Excessive government spending and heavy borrowing. These are sanctioned by the House and signed into law by Biden. The Fed Chairman just reiterated that dark days are coming. What Oberg and Jorg have to say is meaningless and just shows that they are not well versed in the topic regardless of their statements. I just pray that other readers recognize their fallacy. .

Ray Fowler

Yep. I have expertise in some areas but econ is not one of them. Nixon was still president when I was dozing off in my college econ class many moons ago. That's why... if I'm not sure... I take the time to check something before I post it. However, the school of hard knocks should have educated DJ readers about the realities of inflation. You don't have to be a econ major to figure out that the current administration has contributed to increases in our rate of inflation over the past year.

It gets better... almost three weeks ago, Joe said our "economy had zero percent inflation in the month of July. Zero percent." Presuming positive intent, he meant to say the there was no increase from June 2022 to July 2022. However, Americans are fully aware the increase over the past year was 8.5% and that gas prices are still up. Maybe I wasn't the only one dozing off in freshman econ...

Dirk van Ulden

Michael O. has clearly never studied economics.

aball52

for me the best response to an argument is "You might be right." it makes my husband mad as now there is no argument and he could be right! plus the uh huh uh huh uh huh helps.

Terence Y

Mr. Oberg, today is not April 1. But assuming you’re being serious, let’s take a look at your prime example… If you have the same, if not more demand, for gasoline and the available supply decreases due to Biden’s America Last policy on domestic oil production, what do you think will happen? Anyone who takes an economics or business management class, or, even bothered to do some research online would know that this principle of supply and demand causes, wait for it… inflation. Look at the bright side, I do agree with part of your sentiment, but I would specify to vote all RINOs out of office.

Ray Fowler

Good morning, Michael

With respect to Mike Brown's letter, I noted in the comments section last week that between the Truman and Trump presidencies, the "average" amount of inflation for Democratic Party chief executives was only slightly higher than the "average" for Republican Party presidents. However, I ended my remarks with... "Our current president’s energy policies and spending programs are directly related to today’s inflation rate." We'll come back to that...

Your LTE does inspire several questions. Q. What happens when you get 10 economists in a room? A. You'll get 11 opinions.

Next question... what effect has our current president's energy policies and spending programs had on inflation over the past year? Joe had to deal with the pandemic as soon as he was inaugurated. He didn't ask for a health crisis, but did he have continue paying people to stay home and not work? We can debate whether Joe's pullout from Afghanistan a year ago inspired the Russian invasion of Ukraine, but did Joe's response to that European war push gas prices up? Why is Joe's "Inflation Reduction Act" no longer referred to by that name?

I agree with your statement that inflation is "man made." While it may be unfair to say today's inflation was "made" by Joe, do you disagree with my statement, "Our current president’s energy policies and spending programs are directly related to today’s inflation rate"? Since I made those remarks a week ago, Joe's administration has enacted student loan "forgiveness." That debt will not be forgiven... it will be transferred. That transfer may be paid, in part, with some deficit reduction, but more than likely is will be paid for by a raise in taxes. Will cancelling student loans have an effect on inflation?

One last question... Q. Why do we have economists? A. To make weather-casters feel good.

craigwiesner

Love your last line Ray: Q. Why do we have economists? A. To make weather-casters feel good.

Old story that your comment reminded me of...... Two men have been fighting for years, neither giving way on their argument. One of them finally decides to go to the local rabbi and shares his side of the story. The rabbi listens and tells the man "You're right." The other man goes to the same rabbi, tells his side of the story and after listening the rabbi tells him "You're right." Both men find themselves arguing again and each tell the other that the rabbi had told each of them that they were right. They rush to the synagogue and burst into the rabbi's office. "You listened to each of our sides of this argument and you told each of us that we were right. We can't BOTH be right?" The rabbi glanced up from his book and said "You're right."

Ray Fowler

Hello, Craig

I don't know if jokes about economists and rabbis is the way Michael O thought a conversation about his LTE would flesh out, but I can say this... I enjoyed your story.

craigwiesner

You're right!

Tafhdyd

Craig and Ray,

Thanks for the morning comedy. I needed That. Some time I will tell you about the Rabbi and the milk cow in Russia if I can figure a way to put it in the DJ.

Ray Fowler

Thanks, Tafhdyd...

Maybe we could take our shtick on the road... the Craig and Ray Show... do some political commentary. One of us would be articulate, insightful and entertaining... the other one would be me.

Welcome to the discussion.

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