Why can't leftists understand basic economics?

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The $15/hr minimum wage increase that Biden is going to institute, coupled with printing money out of thin air will cause hyper inflation in the coming two years.

The wages of workers with actual skills will instantly be de-valued, and some may even wind up homeless.

What is it about basic math and logic that leftists have such difficulty with?

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@longjon,

There is a good minimum wage thread out there if you want to understand the impact of employee salaries on the economy.

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@longjon,

We have had a minimum wage for 82 years without hyperinflation (except for a brief period).

"Reality has a well-known liberal bias" - Stephen Colbert

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@maxdancona,

Quote:

We have had a minimum wage for 82 years without hyperinflation (except for a brief period).

During any of those 82 years were we in a pandemic for months on end with the economy shut down?

We've printed more money out of thin in the last year than other point in history, including the 2008 bailout.

Quote:

"Reality has a well-known liberal bias"

LOL! That's rich! according to who?

Quote:

Stephen Colbert

Oh, my apologies! Well known genius with no political bias, Stefan Colerto said so. Well then it MUST be true! Laughing

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@longjon,

Quote:

We've printed more money out of thin in the last year than other point in history, including the 2008 bailout.

Are you making this up, or do you have a source for this?

In a modern economy isn't all money "printed out of thin air"? We left the gold standard completely 50 years ago.

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@longjon,

Quote:

What is it about basic math and logic that leftists have such difficulty with?

Set them straight and explain quantitative easing in a deflationary environment and the implications for economic growth.

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@maxdancona,

Quote:

Are you making this up, or do you have a source for this?

$700 billion for bank bailouts, 2008

https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008

Compared to,

$2 trillion dollars printed for covid stimulus, March 2020

https://www.cnn.com/2020/03/25/politics/stimulus-package-details-coronavirus/index.html

$900 billion dollars printed for covid stimulus, December 2020

https://www.cnn.com/2020/12/20/politics/second-covid-stimulus-package-details/index.html

$1.9 trillion printed for some reason, 2021

https://www.cnbc.com/2021/01/14/biden-stimulus-package-details-checks-unemployment-minimum-wage.html

More to come in 2021 I'm sure of that.

Soon the American dollar will be worthless.

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@longjon,

I am still questioning

1) What you mean by "printing money" when in a modern economy "all money is printed out of thin air"?

2) I question whether your claim that the current "printing" is any higher than earlier "printings" is correct.

3) If what you are saying is true... we should have been in a period of very high inflation over the past 12 years. Has that happened?

4) You are whining about minimum wage (money paid by private businesses). You are whining about stimulus packages (money paid by the government).

Other then the fact that you are whining about both of them, is there any relation between the two?

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@maxdancona,

maxdancona wrote:

"Reality has a well-known liberal bias" - Stephen Colbert

How come it's progressives (they do not deserve to be allowed to claim the title liberal for themselves) who are always spouting untrue statements, and conservatives who are always telling the truth?

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@longjon,

longjon wrote:

Quote:
"Reality has a well-known liberal bias"

LOL! That's rich! according to who?

Quote:
Stephen Colbert

Oh, my apologies! Well known genius with no political bias, Stefan Colerto said so. Well then it MUST be true!

Progressives are liars who lie about their own lies.

0 Replies

longjon wrote:

What is it about basic math and logic that leftists have such difficulty with?

I don't think anyone knows. But progressives do manage to crash the economy straight into the ground whenever they are in charge.

Note the perpetually-empty store shelves back in the Soviet Union.

Note the present economy in Venezuela.

Note various urban areas in the US that always vote for Democrats -- Detroit, Flint, etc.

1 Reply

@oralloy,

oralloy wrote:

I don't think anyone knows. But progressives do manage to crash the economy straight into the ground whenever they are in charge. [..]

Note various urban areas in the US that always vote for Democrats -- Detroit, Flint, etc.

About those Democrats..

(Original version from here, I just coloured in the chart by party)

(Source)

1 Reply

@nimh,

Nixon and Ford had to deal with oil shortages. Newt Gingrich was responsible for the economic boom under Bill Clinton.

That said, your chart does illustrate that moderate Democrats are not nearly as bad as progressive nutcases.

The sorts of local leaders who are elected in leftist strongholds like Detroit and Flint are far to the left of the sorts of national leaders who win the presidency on a Democratic ticket.

It's progressivism that is bad. If moderate Democrats are nominated and elected they often do well for the country.

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