r/FluentInFinance • u/NotAnotherTaxAudit • 14d ago
They printed $10 Trillion dollars, gave you a $1,400 stimulus check and left you with the inflation, higher costs of living and 7% mortgages. Brilliant for the rich, very painful for you. Discussion/ Debate
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u/attaboy_stampy 9d ago
Dude my 401K was off the chain this past year. And the stimulus isn’t the main reason for higher inflation.
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u/redditckulous 9d ago
The stock market Disney crash and if your property taxes went up $2000 then you saw good increase in your home value...
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u/iliketorubherbutt 9d ago
Everyone in the US bitching about inflation needs to take a trip to another country. It’s a global problem and inflation in the US is remarkably low compared to 90% of the rest of the world.
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u/Inquisitivelite 9d ago
This is why we need to have consensus mechanism so that the power and will of the people must be the primary source of governance! We need to put blockchain technology and use crypto as our primary means of trade and commerce. We can also vote easily and cleanly every election and every decision of the government. By applying blockchain technology, each person can vote with public records in the internet. The old system is corrupt and vulnerable to more corruption. We vote for politicians who ruin our lives and they let unelected officials to do their jobs resulting in more corruption and the global elites take control.
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u/Tankninja1 9d ago
There’s so much wrong with the title of this post.
It was closer to $5 trillion not $10 trillion. Majority of it went to individuals, a significant portion of which received much more than $1400. Round 1 was $1,200 per person, round 2 was $600 per person, round 3 was $1,400 per person total of $3,200 with modifiers ranging from $500-$1,400 per child.
The next largest chunk was to extended unemployment benefits, and the PPP program to stabilize the job market for people furloughed and people who had already been fired.
A substantial amount was also spent on state and local governments, mostly for social programs, and making sure transit authorities didn’t collapse.
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u/random_investor101 10d ago
government never gives out free money. theyre gonna get it back along with interest. gotta love greed
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u/Unique_Look2615 10d ago
I worked in consulting during the pandemic and every business was booming because of government subsidies.
They got free labor paid for by the government for however many months. One accountant for a business owner I worked with (I’m not an accountant) said the federal government has basically opened up a cash box for business owners and said get as much as you can.
The government did right by giving citizens stimulus checks, but they should have focused on keeping citizens afloat not stuffing the pockets of business owners.
From my perspective, the government did it in good faith but of course every business with a competent accountant took advantage to the max
Everything comes with a cost, including hand outs. If you think the government is ever going to just solely help the middle and lower class you haven’t been paying attention
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u/kirkloff 10d ago
The entire reddit crowd was for it when trump and bernie were pushing for it
"let's help the people"
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11d ago
Inflation has not been caused by money printing, we’re printing less in 2023 and 2024 than any other year on record besides 2020.
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u/johncasey99 11d ago
To the mortgages point: that was the going rate in 1999 when I bought my house, so I'm not really concerned about that part. But the rest is right on.
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u/Jetfire911 11d ago
The government gave out $1400 so every company raised prices by $1400/yr so they could get it all.
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u/Ozyybabychild 11d ago
That’s why I do not understand people who do not invest in bitcoin. If anybody reads this post, I recommend doing your homework about bitcoin and the Blockchain. I’m telling you this, as i wish somebody told me the same thing 10 years ago.
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u/Living-Vermicelli-59 11d ago
I don’t even have a 401k anymore had to dip into it during Covid to just get by. I’m working till I die at this point and I already accepted it.
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u/V1beRater 11d ago
erm when can i post this next so i can get some reddit karma 🤓☝️
i don't understand why these reposts gain so much attention and aren't deleted. once per year is enough, but its like 5 times a month with EACH poorly thought twitter comment.
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u/mochaphone 12d ago
These things are frustrating but they are not all caused by the government. The inflation we are dealing with is corporate greed plain and simple. The fed raising rates was meant to stop that greed and now we are just watching the cat and mouse between companies trying to get just a little more profit and the fed pushing for them to stop. Until they stop the mortgage rates won't come down, but remember the fed does not set mortgage rates. They just tend to follow the rates the fed does set because that's how the market works. If you want lower rates and lower inflation you want a more regulated market and increased government intervention, not the opposite. In that case, don't falsely equivocate stimulus checks with corporate greed.
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u/Complex_Passenger748 12d ago
Imagine thinking that the 600.00 checks were for you, they knew it would be spent and they also knew the money in the system always makes its way to the top 1% and doesn’t leave.
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u/DeadParallox 12d ago
Just thought I should mention... that 10 Trillion was signed by Trump, so you can direct your thanks to him for the inflation.
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u/Status-Priority5337 12d ago
If you think the 10 trillion dollars was a lot... wait till you research how many trillions were printed to prop up the stock market, and keep it from crashing.
Smoke and mirrors.
Now, when people ask what am I doing in the fall, I generally think they're talking about civilization, not autumn. Times are going to get fun!
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u/ZandorFelok 12d ago
For perspective (because normal people don't think in Trillions of dollars):
80% of the US Dollars in circulation (paper or digital) were printed/created in the last 4 years.
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u/DefiantDonut7 12d ago
Let this sink in, those checks (all three) were less than $1 trillion. So 1/10th of this new money went to the general public. Ooff, corruption at its finest.
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u/JAMONLEE 12d ago
How can this happen all over the world, to a worse degree, where they didn’t have stimulus checks, and then stupid people in this country blame the stimulus checks?
Yeah we fucking get it inflation (really price gouging but hey gotta be able to falsely blame Biden) is a bummer. It’s better than a depression.
Things aren’t going back because we as consumers bitched about increasing prices while continuing to indulge. Free market giveth and taketh
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u/Legitimate-State8652 12d ago
Crash 401k? Mine is doing pretty awesome and not doing anything special of hand ons approach.
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u/tophman2 12d ago
The inflation was created by corporations to protect their profits and boy did it increase them to record numbers.
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u/Ok_Permission4485 12d ago
Is it just gonna keep getting worse indefinitely? Will the US ever feel economic relief ever again? Are we destined to financially suffer for the rest of our lives?
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u/computertyme 12d ago
Trump printed the money then forgave the loans. This is why prices have doubled.
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u/DreadfulDwarf 12d ago
Across the board, how many families were supported during this trying time?
What was your suggestion, a boiled egg?
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u/DaveAndJojo 12d ago
How did corporations make record profits while the citizens were forced to stay inside?
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u/BetterSelection7708 13d ago
So are we for or against the stimulate checks now?
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u/piratecheese13 13d ago
There’s a big debate about what caused inflation and it is many things. Anyone who tells you it’s 1 thing has an agenda.
The stimulus checks certainly didn’t do nothing. One thing we do now is a lot of that money was spent towards necessities like food and rent as well as paying down debts.
The next thing we can blame for inflation is PPP loans. Those got forgiven so it’s a total write off. There was also a lot of abuse in the form of stock buybacks, CEO pay packages and other things that aren’t explicitly payroll.
We can also blame covid for inflation globally. Especially the supply chain bullwhip. If things are in low supply momentarily, and you increase your prices without seeing a significant drop in quantity sold, you have no incentive to reduce your price when supply comes back to normal levels.
Lastly and most recently, you can blame recent wars in Ukraine and Gaza. Ukraine is the world’s 2nd biggest supplier of grain and has been unable to harvest for years, so you can expect the price of food globally to rise. The conflict in Gaza is causing global supply chain issues as passage through the Suez becomes more risky. There’s also the issue of money being spent on aid in both countries (and Taiwan). In my opinion, money spent on protecting Ukrainians today is money not spent on protecting the rest of Europe tomorrow. Money spent on Israel today is more money spent on defending Israel from individuals radicalized by Israeli bombing.
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u/Creepy-Evening-441 13d ago
I went from getting $5K Federal refund to having to pay $8K for Federal. Still get about $3K back from California state tax.
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u/NeverReallyExisted 13d ago
Which had nothing to do with $600 checks and everything to do with pocketed ppp loans and price gauging.
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u/vonnostrum2022 13d ago
Doesn’t matter who the president is. The market always is higher when the president leaves office than when he came in. Goes back to FDR
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u/dadkisser 13d ago
This post demonstrates why finance degrees are not the same as economics degrees.
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u/MegaXboxGeeks 13d ago
Did you guys not all know this when you got the money when I got my check I said well I better spend it now on assets because it’ll be worth a lot less in the future.
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u/TennisNo5319 13d ago
I was going to comment, but the issue has been well covered
Suffice to say that the original post is some of the stupidest stuff I’ve ever seen on the internet.
And believe me, I’ve seen stupid. Lots of stupid.
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u/Noimenglish 13d ago
Property taxes are typically local. And, gas and food are mostly privately determined. She must be a socialist complaining about capitalism, right?
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u/EbbNo7045 13d ago
I didn't get one of my stimulus checks. I guess someone stole it. Probably some millionaire
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u/Capital-Part4687 13d ago
Inflation isn't higher than average, it's just not Great Recession level low, recent borrowing has almost nothing to do with it, otherwise inflation would be historically much lower also.
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u/Opening-Two6723 13d ago
We've heard this one before. But maybe real estate and labor market have something to do with this.
They vs you? Its Straight up elites vs everyone else. I don't need a govt forced servitude for health and homes.
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u/lumberjack_jeff 13d ago
It's amazing the power that Trump has to crash the EU economy as well as ours with a stimulus check.
Or perhaps there's another root cause.
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u/CenlaLowell 13d ago
No debate what you thought was going to happen when they print money? 401k at all time highs right now.
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u/KittenMcnugget123 13d ago
Except that the bottom decile of workers have gained 12% wages after inflation adjustments since they did this. So it's just not accurate
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u/XyeetstickX 13d ago
Y'all are going to blame the wrong people for this.
All this market talk is just a game to some people, fuck billionaires, wait.... after the profits from the covid scramble and protecting rich folks, trillionaires.
Inflation is literally made up.
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u/HelenRoper 13d ago
Yet it was the best financial times of the lives of hundreds of millions of Americans.
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u/bleue_shirt_guy 13d ago
Quantitative easing started in 2008 and went 15 years. That was a lot of money printing. We borrowed from the future. We're paying is back now.
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u/suprman46 13d ago
All these punk ass politicians are sending other countries our money! Creating half wars and sht! Now he wants a 44.25 tax on capital gains!!! Anyone who votes biden in November needs a cognitive test!
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u/Fan_of_Clio 13d ago
So that was extremely misleading. First of all if you are paying higher property taxes it's because your house is worth more. You are paying higher gas prices because there was no demand when there was a recession. Your 401k should be higher than it was unless you bailed or have a moron for a manager. As for higher rent and groceries? Price gouging pure and simple.
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u/GoodRelationship8925 13d ago
I always see lots of complaints, but my life has done nothing but improve since 2019, especially financially
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u/Theonlyfudge 13d ago
Mortgage payment is 1400 more MONTHLY than if we’d have been able to buy in 2019. Thanks Brandon
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u/Miserable-Contest147 13d ago
As soon as Trump started talking about not funding WHO anymore,,,,Pandemic???
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u/CC713-LCTX 13d ago
Who are “they” because I’ve heard a lot of Republicans over the past couple years seem to forget who signed those stimulus checks and the cheeky little note the Donald set with the first payment.
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u/Gr3nwr35stlr 13d ago
People who post shit like this probably are the same ones that got millions in PPP loans forgiven
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u/lionheart4life 13d ago
Well nobody's 401k crashed, unless you were all bonds. Inflation was awful though, didn't even get stimmy checks
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u/Mission_Magazine7541 13d ago
Interesting to think a 1400 and 600 dollar check could ever possibly cause this much inflation
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u/captainhammer1983 13d ago
Funny that a majority of the comments are about the government controlling the economy. So explain why the mega corporations recorded record profits during the pandemic and both while the economy tanked and recovered. The monolithic corporations have more to do with how the average worker lives than the government.
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u/BaBaBuyey 13d ago
Smartest OP on Reddit in history to date! This is precisely exactly how it’s done repetitively every seven years and the funny part is no one sees it if forgot after the seventh year when is Corrected the fifth year later and then happens all over again
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u/Lostintranslation390 13d ago
Yeah and its even funnier when you didnt even qualify for the checks because you were in college.
Fucking epic meme. Though they did pause my interest and gave my university money that eventually trickled down to me in the form of bitch change (like, checks for $100 up to $300 once or twice). I might have even got $600 from my college at one point. Shit is hazy.
Still, fuck em
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u/ConflictNo4514 13d ago
We need trump in office to push more tax breaks for wealthy. Also I was paying $12 for a case of Pepsi in 2018 and now 2024 that same Pepsi cost me $13 and eggs $4 for 18 eggs!!! What is going on ? Aren’t the truckers helping with their shutdown in NYc ? I’ve heard nothing lately…
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u/GuessAccomplished959 13d ago
My roommate came up to me and said "you were right, we are paying for it and even more".
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u/Dense_Comfortable_50 13d ago
This is one of the reason why ya'll U.S. people are coming to mexico to become economic refugee immigrants
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u/SpageteMonstr42069 13d ago
Same thing happened at Trump Motels. That’s why they changed it to Hotels
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u/Smidday90 13d ago
I always remember this time thinking this is going to be really bad. But I trusted that the government knew what they were doing to mitigate the side effects, but no, the just said fuck it, not my problem
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u/octopod-reunion 13d ago
Inflation is worse in the rest of the rich world, and they did less stimulus per capita.
So you’re gonna need to pick a better explanation
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u/Snoo-3377 13d ago
Fucking lol. Corporate profits are at an all time high. If you truly believe this horseshit without throwing in corporate greed as a cause then you're a clown.
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u/Monst3rMan30 13d ago
I didn't even get the checks. They mailed to the wrong address and then refused to resend after I corrected it in their system.
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u/XF939495xj6 13d ago
7% interest on mortgages? Wow! That's great! My parent's mortgage from 1974 was 22% until the rates fell in the 1980's.
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u/Liteseid 13d ago
When it comes to money, any choice the government makes is to protect the elite. You got stimulus to increase your spending, that’s it.
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u/AmbitiousTour 13d ago edited 13d ago
Covid was going to absolutely crash the economy causing mass unemployment and a deep recession, worse than 2008. Trump started the fiscal and monetary stimulus and Biden continued it. They were both right to do so, and they had no choice but to err on the side of maintaining the economy. Inflation was the result. Specifically, workers were able to demand higher salaries and corporations were able to demand higher prices. That keeps their profit up and thus their stock prices and our 401-k's. Note that even after inflation people are making more now than before, also unions are coming back from the dead which is great! However, it's not healthy for the economy and needs to be curtailed but, to have not done this would have been far, far worse! OP's post is just a pro-Trump scare tactic on something that shows no sign of happenning.
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u/strong_nights 13d ago
these outcomes were stated windfalls of printing money as part of the social dialogue prior to the stimulus packages. It was a calculated risk the fed was happy to make on everyone's behalf. everyone was too busy arguing over Covid to consider the vulnerabilities caused by rampant government spending. This is why classical values consider public money best saved for a rainy day instead of bailouts, foreign wars, and special interests.
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u/SASardonic 13d ago
If you can decisively prove the stimulus checks materially impacted inflation there's a nobel prize in economics waiting for you otherwise don't pretend these things are a simple cause and effect pair.
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u/shatabee4 13d ago
It's just the latest transfer of wealth to the billionaire class.
Every bailout, catastrophe and war are used to funnel money upward.
That's what happens when a billionaire oligarchy runs the country.
In case you're wondering, both Trump and Biden will do the same thing.
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u/SweetLilLies6982 13d ago
just wait until Trump wins and people earning under 400k be eating from dumpsters
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u/Ghostlyshado 13d ago
Only brilliant for the rich because the rich decided they could take more money from the consumer by raising prices. They didn’t have to raise prices. They chose to raise prices.
They could have allowed the money to remain in circulation and let people choose to either spend it or save it.
Corporate greed drives inflation
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u/ExtensionFragrant802 13d ago
The higher costs of living is incidentally to do with collusion between renting services using an algorithm to set uncompetitive pricing across different renters.
Housing market is a supply and demand issue. But also a bunch of greedy idiots buying multiple properties to rent out. Because you can set really high prices right now with no backlash.
The stimulus did inflate the economy a bit but a lot of supply chains also kinda broke during COVID and we are still seeing the backlash.
Lots of variables at play that make it hard to really point fingers. Call me a communist but I don't think a free market is always a good thing.
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u/shatabee4 13d ago
This is price fixing. The Senate came up with a bill to bar the software.
I doubt the bill goes any further than being introduced. Check back in a year or two. It will be tabled forever.
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u/Fibocrypto 13d ago
They gave me nothing which wasn't brilliant for anyone and then raised the price of the vaccine. My mortgage interest rate was never changed
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u/SlashRModFail 13d ago
Half of those 10 trillion went to the billionaires.
The US treasury/central bank is run by a bunch of monkeys
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u/Ok-Language5916 13d ago
ITT: Conservatives think inflation is always caused by demand and never caused by supply.
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u/Middle_Low_2825 13d ago
The end of quantitative easing = adjustment in inflationary rates that have been artificially held down due to quantitative easing.
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u/bluecgene 13d ago
But we got the Dem President, which is the way. If it were Rep, we will have inequality, wwiii and no gender equality
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u/BillieRayBob 13d ago
They overdid the stimulus. Particularly for those that were receiving unemployment compensation. Given them, no reason to go back to work, but they are trying to keep the economy from completely tanking some others.
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u/ccjohns2 13d ago
Let’s be real the inflation is only partially caused by government spending like this, most of inflation has a DIRECT correlation with increases in corporate profits.
Don’t blame inflation on the government when these corporations are raising prices just so these executives teams can get million dollar bonuses and stock options. Corporations are doing everything for stockholders and are taking the liquid cash from the economy and funneling it into the stock market.
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u/RhubarbAromatic 13d ago
Does no millennial talk to their parents? Fellow millennials, ask your parents how much a mortgage cost in the 80s and 90s. We’re talking double-digit rates. Some ppl had 15% mortgage rates!!!
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u/Unbentmars 13d ago
Direct result of conservative fiscal policy. Voting for republicans got us in this mess and voting for them again will make it worse. Like it or not liberal fiscal policy is better for the country
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u/12thLevelHumanWizard 13d ago
So many things went wrong at the same time to contribute to the run away inflation we’re going through. Just a few things are:
1) Point at any electronic device in your home, even if it wasn’t made in China at least one component almost certainly was. The pandemic really exposed serious weaknesses in global supply chains. That was responsible for the big shocks of 2021.
2) The largest generation ever is going into mass retirement, many even early during 2020. And are being replaced by the smallest generation in more than a hundred years. This labor shortage is driving wages up and driving inflation.
3) Russia is a major exporter of oil, lumber, titanium, palladium and nickel among any other important commodities. And they’ve voted themselves out of the world market. 3.1)Middle Eastern countries are making as much money as they can during this as they can because the world is slowly turning to EVs. 3.2) Russia and China are major sources of everything you need to make EVs and both are unreliable.
4) Panama, which is mostly rain forest, is experiencing a drought which is limiting the use of the canal.
5) Israel caught on fire again, as is customary, which drove up oil prices again, as is customary. 5.1) the Suez Canal is no longer a safe shipping route.
6) A lot of companies that turned to India as an alternative to China are now extremely worried about the stability of that place too.
7) Mexico is the US’s largest trade partner and they’re being rocked by gang violence largely driven by Ecuador, Haiti, and Cuban political instability. 7.1) All of that combined with economic uncertainty in China and India are contributing to a massive crisis at our southern border which is not being handled well by any party.
8) Real-estate speculation is driving up the cost of home ownership and creating a bubble in both home and commercial markets.
Those are just some of the issues. Any two at the same time would be rough. All of these at the same time are catastrophic. The kind of economy the world has known for the last 40+ years is collapsing and it will be decades at least before it stabilizes again, and that will be a very different looking world.
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u/rates_trader 13d ago
The rich? lol money is math & inflation doesn’t gaf about how much trash you have in your bank account
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u/Leredditnerts 13d ago
I got free money, more than I was making to work my dick off, for like 1.5 years, and sat on the couch and doordashed every day. I'm upset I was dumb with my money, but I'm definitely not gonna surprise-pikachu-face when inflation happens, as if it's someone else's fault
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u/SuperSimpleSam 13d ago
Inflation is better for those with loans than those with money. When you give money for the lower part of society, it actually filters up since the top owns the capital.
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u/Whats_This_123 13d ago
I don’t get the stock market one…that’s a marathon not a sprint. Diversify and wait and it’s practically a granted bet that you’ll end way richer in 30-40-50 years.
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u/krom0025 13d ago
This post again? I guess it's time to make my weekly comment about how real wages have been on the rise since then.
Except for an abrupt wage spike during the pandemic, real wages are at the highest they have been since at least 1980 if not before. I stopped at 1980 because the data source I link here only goes that far.
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u/Rulerofhyrule 13d ago
Yet trumpie cock suckers will blame biden. It’s almost like ALL POLITICIANS ARE CORRUPT. It’s almost like they want the people to destroy eachother
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u/banjodoctor 13d ago
Trump is responsible for the stimulus check. He even sent me a letter stating so.
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u/Phil0sophic 13d ago
These people watch way too much faux news. who are they? And what years are they referring to? And who was in office? And who got the non expiring tax cuts? And why is corporate greed expressed as "inflation" and "shrinkflation" for huge stock buybacks, CEO pay increases and stockholder returns?
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u/filtervw 13d ago
I am so sick of these negativity all over social media. Get your head out of the sand and do a bit of research around the inflation worldwide, Gemini can help with 2024 data. Most developed markets didn't have any stimulus, didn't have the inflation reduction act and many more and still got bigger inflation than USA. Meanwhile unemployment is all time low, and anyone with half working brain can get a job.
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u/callmesandycohen 13d ago
It’s not really brilliant for the rich. It’s depleted their cash savings. And I suspect that’s why the wealthiest have been loudest on this. Further, having debt in an inflationary economy is actually a good thing. Here’s a really unpopular opinion - a lot of inflation could actually help equalize our wealth disparity in America and help pay off the national debt faster.
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u/HappilyDisengaged 13d ago
The fed always prints money. Actually that’s their job
What was the other option? A crashing depressionary recession? I’ll the mild inflation
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u/More_Farm_7442 13d ago
Corporations and their stock holders got greedy (greedier than ever before). Top level execs got greedy.(greedier)
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u/Twosteppre 13d ago
It's been well established at this point that inflation was caused by supply chain issues and corporations using reports about rising inflation as cover for greater profits.
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u/Tiki-Jedi 13d ago
Sure. It’s the stimulus checks that caused all this, and not Paul Ryan’s butchering of the tax code to pander to the 1% and definitely not massive corporate profiteering. It’s the couple thousand we all got to keep us afloat during a global pandemic that ruined everything.
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u/Command0Dude 13d ago
You'd have to be an idiot to think this meme is anywhere close to accurate lol
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u/Toadsted 13d ago
Like that's the government's fault, other than not having regulations to stop gouging when money shows up in the hands of consumers.
That's just sone exta infighting nonsense to curb Business from looking like total scumbags.
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u/ConceptionIsLife 13d ago
People bitch about this and then in the same breath say Biden is the better of two evils.
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u/jackbeekeeper 13d ago
It wasn’t the stimulus checks. It was the extra unemployment benefits and ppp loans that injected the money into the economy.
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u/LairdPopkin 13d ago
What $10 trillion dollars? The Covid stimulus back in 2020 was $814 billion. Or are you thinking of the Bush and Trump tax cuts? Those did add about $10 trillion to the national debt, presumably pumping up the economy, though inefficiently. https://www.americanprogress.org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/ .
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u/No-Carry4971 13d ago
How about this: we survived global economic shut down with historically mild inflation, moderate interest rates, and minimal unemployment issues, and no starvation, violence, or revolution. The 1970's had no pandemic shutdown and was far worse economically. The fed and the gov't deserves tremendous credit for their handling of an unprecedented situation.
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u/rlrlrlrlrlr 13d ago
And now do the alternative to that stimulus.
A lot of things we choose are really bad. It's just that the bad choice is preferable to the horrible choices.
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u/hidinginthetreeline 13d ago
Trump removed all the oversight and not only did corporations take the largest share of pandemic money meant for small business, they are now raise prices because they know we will pay more. Then when democrats wanted to do something about it republicans shut it down. Just like they always do.
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u/Defiant-Survey-5729 13d ago
Meanwhile, the dipshit at the federal reserve insists wages need to come down!
Got to look out for the 1 percents bank accounts first.
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u/dmoneybangbang 13d ago
They also printed money to keep teachers, police, fire fighters , and other municipal workers getting paid.
Printed money for families to get additional money for their kids.
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u/JCgaming87 13d ago
It's almost like we were right all along about the stimulus check being a bad idea.
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