Let me try again.
Saying the worlds entire inflation problem on the Biden administrations spending, you are being disingenuous.
Ever heard of covid and the disrupted supply chains? Egg costs are related to bird flu. The president doesnt control those things.
We were promised trump was going to solve the Ukraine war on day 1 and lower prices, neither happened.
Inflation is a world wide issue right now and putting the sole blame on government overspending is ridiculous when we are already trillions in debt.
Biden approved more drilling requests than any previous admin, we have so much oil. We just continue to buy it.
I see what you are saying and I am NOT saying that wars have nothing to do with it but the over simplification of "government overspending" is exactly that, its a over simplification and putting blame not necessarily where it belongs.
The US didnt start the Ukraine war either. Its debatable if it was avoidable but given Putin's intentions, not likely.
So putting it simply, the US government overspending has been happening for many lifetimes and is not the result of a worldwide inflation problem. This started because of Covid disrupting supply and demand chains.
The US has been perpetually at war since I was born over 40 years ago. Its never caused inflation before. In fact we tend to do better given our arms dealings.
I never said US government overspending is responsible for worldwide inflation - only US inflation. Inflation in other countries is due to their governments overspending.
A quick definition: "Inflation is often defined in terms of the increase in the money supply rather than a rise in prices. According to the Austrian School economists, Murray Rothbard and Ludwig von Mises, inflation is defined as the increase of the money supply out of "thin air," which means the creation of money substitutes without backing by specie."
Other economic theories argue that you can get away with increasing the money supply without "true" inflation (vaguely defined by prices) if the GDP increases at the same rate as the money supply.
Governments control the money supply of fiat currency. How governments pay for things beyond taxation is a) borrowing and b) increasing the money supply (effectively digitally "printing" extra money). The funny part is that often governments borrow from themselves rather than sell bonds to others which is a sneaky way to make b) sound like a).
More money supply devalues the currency. Take any set value of goods and double the currency available and now each unit of currency can buy half of the value of goods. In practice it takes the economy a bit of time to adjust rather than instantly devaluing but the end result is same as a mathematical function.
War itself doesn't cause inflation, it just costs a lot of money. Requiring more taxes, borrowing, or increasing the money supply to pay for.
Consumers generally don't "feel" the devaluing of currency until in exceeds the economic and technological growth resulting in higher prices. For instance, technology can bring the prices down for things like TVs or computers which "hides" the rising costs due to inflation. Still, governments have decided that 2-3% (price) inflation is "ok" - largely because it is small enough that people don't realize their wealth is slowly being stolen by this hidden tax. Which means the government is taking all of GDP growth + 3% from everyone. The only way to get ahead then is to be excellent enough at your job to grow your income faster than the devaluing or own enough assets like stock or property which go up with inflation (I.e., be wealthy).
