July jobs report: Unemployment rate jumps to 4.3%, job gains total just 114,000 as labor slowdown deepens

[Earl]

And you have it wrong as well. Play all the interest rate/employment games you like.

If you want to stem inflation the government has to stop printing 100 bills and handing them out to their cronies. It really is that simple. All the other so called science about it is just a shiny object bullshit.

Of course Walter has it wrong.

Look what has already been spent on college loan forgiveness:



Including the Biden Administration’s new student debt cancellation plan, we estimate all recent student debt cancellation policies will cost a combined $870 billion to $1.4 trillion. That’s more than all federal spending on higher education over the nation’s entire history. The vast majority of this debt cancellation was put in place through executive actions under President Biden.

$620 billion of debt cancellation has already been implemented, including $275 billion from President Biden’s new Income-Driven Repayment (IDR) program known as SAVE, $195 billion from cancelling interest as part of nearly 41 months of repayment pauses since March of 2020, and roughly $150 billion from a variety of more targeted actions such as discharging debt for those who attended closing schools and making it easier to cancel debt under existing loan forgiveness programs. The President’s newest debt cancellation scheme could cost an additional $250 to $750 billion based on our preliminary estimates.

Our numbers differ somewhat from our previous estimates, mainly because the President’s plan to cancel $10,000 to $20,000 of student debt per person was ruled illegal by the Supreme Court and the cost of his newest plan remains uncertain.

To put $870 billion to $1.4 trillion in context, this range suggests the cost of recent debt cancellation is likely higher than:

All historic spending on higher education prior to the COVID-19 pandemic ($744 billion from 1962 to 2019)
All projected education appropriations over the next decade ($935 billion from 2025-2034)
The federal cost of offering universal pre-K and universal affordable child care ($750 billion)
The cost of tripling the Pell Grant program ($675 billion)

As we’ve explained before, most of these student debt cancellation policies have not only been costly, but also ***inflationary***, poorly targeted, counter to the mission of lowering college costs, and not financially justified.

Instead of continuing down this road, lawmakers should work together on reforms that actually fix the student loan program and address the cost and quality of higher education.

The Total Cost of Student Debt Cancellation | Committee for a Responsible Federal Budget

2024-04-29-Including the Biden Administration’s

www.crfb.org

Of course the student loan forgiveness was found to be UN-Constitutional by the Supreme Court and was never forgiveness, it was an illegal transfer of contractual debt of students to the American taxpayers.

Walter is an uneducated, uninformed dolt...but he tries.

 

[Joe]

The money supply is shrinking, which means that more money is being destroyed than is being created. Government expenses are not paid for using printed money. Money is borrowed to spend.

It's a metaphor to illustrate how creating money supply without any corresponding goods or services causes inflation. I understand they aren't dealing in cash.

 

[Walt]

Well no, Walter. You were mistaken. My link only covered the last six times, from 1976.

And excludes this time. It has not happened in six months, and currently looks like it is not going to happen.

That's an adequate sample size.

That might be the dumbest statement I have ever seen in this forum, and there have been a lot of dumb statements. Six is not an adequate sample size for anything. You have clearly never done any primary research.

Of course that is wrong.

It is supposed to happen in six months, and it is 2 years later... So you are wrong. Moving on.

 

[Walt]

It's a metaphor to illustrate how creating money supply without any corresponding goods or services causes inflation. I understand they aren't dealing in cash.

So we went from it can be simply done, to its a metaphor. In other words, it can not be simply done.

The money supply is rarely the main problem. Usually it is the velocity of money that causes inflation. One dollar spent a hundred times over a year acts as $100 in that year. One dollar spent once in a year acts as $1 in that year.

The Fed, with the support of the Biden Administration, is slowing down the velocity of money. This raises unemployment slightly, but freaking out over unemployment under 5% just seems silly to me. It is below structural unemployment, so anyone even mildly competent can get a job. More importantly, it gets the inflation under control, which has a huge number of long term benefits.

trump's plans would cause double digit inflation, with no immediate benefits. It would make America less productive in the long term, so no long term benefits either.

 

[Joe]

trump's plans would cause double digit inflation, with no immediate benefits. It would make America less productive in the long term, so no long term benefits either.

Well if you're right I guess we'll find out in 25.

But you're not.

 

[Poor Richard Saunders]

Good God man Trump was in the middle of a pandemic and blue states governors were shutting their economy down . Newsome , Hochul, and Whitmer all Democrats of states with large population all shut their economies down.

So you are admitting that Trump was completely ineffective as President. Blue state governors were able to run rough shod over him and he just took it. Why do you support someone so weak and incapable of doing his job?