Bidenflation
- Thread starter JamieDimonsBalls
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Could somebody please let me know if transitory inflation has a pronoun preference?
TIA...
TIA...
Do you think it's Biden policies or is it due to going through the disruption of a global pandemic?$9.99 for a small organic Strawberry container.
I mean by that logic the last two republican administrations both took roaring economies and ran then straight into the ground, leaving with double digit unemployment.
Trump statistically had the worst job deficit since Hoover.
You can hate Trump for a lot of reasons. But there’s no denying the mess Biden has made. It’s on Biden and the idiots in his administration.
If you're blaming 'free money's and lockdowns for the mess, which I've seen many have done, that happened and was decided way before Biden came into office (for the record obviously if you know me, I believed it was the right thing to do and kept us out of an economic calamity instead of an economic crisis).
Honestly I don't know what Biden specifically did that is causing the cynicism.
Remember when last year when it was pointed out how our economy was crumbling we all got the 'uh you can't blame Trump for the virus' along with a dab of 'the president has very little control over the economy'?
I do.
Biden has contributed. Free money from unemployment to tax checks to stim checks to eviction moratoriums to forbearances, spending, labor. Now he wants to do it Bigger! He's clueless. And people know it. Now they want to ram through this stupid tax and spend bill before they are run out of Congress. Thankful for Manchin.
Typical... always trying to throw one side in the mud while defending your party while at the helm
Biden pushed and passed a $2T stimulus in March on a party line vote.... something that was not needed, whatsoever. Particularly after the giant bills that were passed in 2020. It's been a complete failure, and has caused enormous distortion issues in the labor market, and asset price bubbles that caused housing costs to skyrocket. The Democrats answer is to continue the stupidity with more of the same.
Fair point, I forgot about last March thinking it was running out the part of the action taken the year prior.
I'd still argue that if we believe it's the 'free money' effect, it was set in motion in 2020 and that disruption was lagging regardless.
And again, I was down with it and will defend it as it saved us from a depression, which we haven't had since we've introduced the unemployment insurance program.
Hate it but it has worked.
Unfortunately the reality is the pandemic has impacted the economy over administrations.
I'm just pointing out that if you want to try to sling mud at the other party by trying to tie an illogical cause and effect....well that's the rules you choose.
Just know it doesn't work well as a justification for a republican administration since you know, the last two all had absolute horseshit economic results.
Would that be called Trumpemployment when we hit double digits?
Sounds like a mutual issue given GOP posters thought Trump was not at fault for anything while he was in office.
Yea, because you didn't spend your last few years whining about everything Trump did (some of which I didn't agree with myself).
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Most of the "whining" about trump was because he was a shitty human being.
The voice of experience speaks
Im totally with you 100% that the economy is at a very precarious spot and I believe it's from the massive disruption from dealing with the pandemic.
We're away from the 'free money' and the fed said a week or two ago they are withdrawing all pandemic policies and will start to raise rates back up.
You of all people know about economic lag more than anyone on the board.
Voters are correct: Biden is to blame for inflation
Ultimately, inflation is the result of too much money pursuing too few goods. That’s what is happening now.
thehill.com
An opinion piece but one echoed by many re spending. Biden wanting to continue to spend is reckless
I generally agree. The root of the problems re: supply shortages are obviously pandemic related, they are global... and much of it beyond the scope of the Federal govt.
But the labor market issue is a real domestic problem, and there's not been a proper focus there, IMHO.
Which your party admittedly refuses to end and move on with.
To be clear, they are tapering bond buying into June 2022, so excess seems like it isn't going away immediately.
The negative effects are entirely attributable to:
1) Pandemic employment policies
2) Two additional rounds of stimulus (and a fourth trying to be jammed through) that weren't necessary
3) Sharp spike in inflation caused by renewed supply chain issues - has the President done a damn thing to try and alleviate the bottlenecks in the heavily unionized ports in L.A.? Of course not. He nee
And the supply chain is exacerbated by the lockdowns and free money. And the free money isn't over with child care credits as monthly checks. People sat home and ordered more shit w/ their free money instead of going out, and that's in simplistic terms what gave rise to the supply chain issues. And this says nothing of BIden's blunders on oil productionWhich your party admittedly refuses to end and move on with.
To be clear, they are tapering bond buying into June 2022, so excess seems like it isn't going away immediately.
The negative effects are entirely attributable to:
1) Pandemic employment policies
2) Two additional rounds of stimulus (and a fourth trying to be jammed through) that weren't necessary
3) Sharp spike in inflation caused by renewed supply chain issues - has the President done a damn thing to try and alleviate the bottlenecks in the heavily unionized ports in L.A.? Of course not. He nee
The party refuses to end the pandemic? People refusing to wear masks and get vaccinated is what is keeping us in the pandemic and that is largely the GOP party.
If mask mandates and other precautions didn't happen, then how much more would have been spent on healthcare? Even if you ignore the cost of lives cost with a healthcare system that is over capacity, that alternate reality would have also negatively hit the economy.
Shit was going to hit the wall and hurt the economy regardless with the pandemic. You should run for congress with how good you are at trying to place blame.
If mask mandates and other precautions didn't happen, then how much more would have been spent on healthcare? Even if you ignore the cost of lives cost with a healthcare system that is over capacity, that alternate reality would have also negatively hit the economy.
Shit was going to hit the wall and hurt the economy regardless with the pandemic. You should run for congress with how good you are at trying to place blame.
What did he do with oil production? You can see it by month/ year at the link below. Production has largely been up from the prior years.
But a former president was worried about domestic production and brokered a deal between OPEC and Russia were both cut production. The oil issue here and now is worldwide.
"Meanwhile, Biden has done a lot to discourage a resurgence in U.S. drilling and production. He has cancelled pipelines, threatened oil and gas producers with higher taxes, taken promising acreage out of play, such as the Arctic Natural Wildlife Refuge, slow-walked leasing and new drilling permits and, most recently, imposed new methane-curbing rules that make drilling more expensive.
What sensible person would invest in the oilfield in the face of such unrelenting hostility? Drilling activity is up, but nowhere near where it should be at $82 per barrel oil."
"President Biden’s overtures to OPEC + sound disingenuous against the backdrop of a Democratic Party energy doctrine, announced in January 2021, that seeks to limit production of hydrocarbons in the US and limit GHG emissions globally. This year the Biden administration announced a moratorium on drilling permit issuances on federal lands and waters, and effectively killed the KEYSTONE XL pipeline from Canada to the U.S. in the name of environmental and Native American tribal concerns. Biden wants to appeal to his Democratic voter base by reducing the climate costs of domestic fuel production, while also pressuring other nations to increase their output to lower domestic oil prices. In other words, politically, he wants to have his cake and eat it too."
"...then how much more would have been spent on healthcare? Even if you ignore the cost of lives cost with a healthcare system that is over capacity,"
What? What are you talking about, Grover? Is English your second language. You should work on a GED and then post.
Has any of that impacted the numbers today? I linked a site to production in the US. Last April we talked OPEC into cutting production 9.7 million barrels per day, see below. What do you think that is doing to prices now?
OPEC and allies' oil production cut is Trump's 'biggest and most complex' deal ever: Dan Yergin
Yergin said there were two main factors driving the turnaround to the deal that just six weeks ago "would not have seemed possible."
You can't have it both ways- blame Trump for running the economy into the ground, yet blame the pandemic for Biden's issues.
By all statistical measurements, the economy was outstanding prior to covid. The wealth gap was shrinking.
https://www.wsj.com/articles/the-wealth-gap-shrinks-11601420393 (sorry it's behind a paywall)
Now, Biden/dems enacted 2 specific policies to create this inflation. One is oil policy with eliminating permits among other things. That increased costs for everyone as oil prices have spiked.
The second was the stimulus plan with extension of unemployment benefits. That allowed people to stay home longer and not work, thus creating an extreme shortage of workers that affected the supply chain. Not all the problems but some of it.
And if you want to blame Bush for 08/09, you should go back and watch the videos of the admin warning the dem congress of the potential mess. Only to essentially be called racist.
Good post. Key factors in the current economic predicament we find ourselves in are the current fossil fuel policy of this administration, and the leftist war on meat. Google it. Couple with fuel/ transportation costs/shortages and groceries are through the roof. Meanwhile stores close randomly because their employees just don't show up.
It's getting so bad I hear Yakov Smirnoff is considering moving back to Russia!
The point is that we aren't drilling enough now in response to what's transpired the last two years. Biden caught himself in a trickbag. His climate goals are colliding with our economic reality. You think he can go to Big Oil now and say drill, drill, drill? What's he going to do? What are oil companies supposed to do with his confusing positions? What are their shareholders? How do they know what to support investments in at this point.Has any of that impacted the numbers today? I linked a site to production in the US. Last April we talked OPEC into cutting production 9.7 million barrels per day, see below. What do you think that is doing to prices now?
OPEC and allies' oil production cut is Trump's 'biggest and most complex' deal ever: Dan Yergin
Yergin said there were two main factors driving the turnaround to the deal that just six weeks ago "would not have seemed possible."www.google.com
Lol coming from a dumbass, i will take that as a compliment.
Shocking you figured out how to post on the board given your low iq.
Appreciate the article.Voters are correct: Biden is to blame for inflation
Ultimately, inflation is the result of too much money pursuing too few goods. That’s what is happening now.
An opinion piece but one echoed by many re spending. Biden wanting to continue to spend is reckless
I agree with some of it the same way that I agree that we had to break our unemployment insurance kitty or face a crippling depression.
Inflationary pressure or crippling depression in an already dark period.
She mentions home prices increasing and therefore rents are increasing. Isn't that supposed to be a 'good' thing, your property values are increasing.
As far as energy let's not forget that there was a massive disruption between Russia and the Saudis, which caused prices to become very volitile. Remember gas went from $3 in 2019 down to $1.70 in 2020 and now is around $3.40?
The article states we've jacked production, it claims not enough.
Same thing with the ports...they are actually processing way above previous years.
Both cases, in my opinion is a jolting change of global demand.
I'll give you the stimulus probably went too long, especially once the vaccines rolled out and things opened up. Totally will agree with that.
I still think we had a choice, ask the govt to expand like an accordion to get through the pandemic and now it needs to deflate as we come out of it knowing that we're going to have some instability because of it.
So what was your response to those questioning what Trump’s role was relative to the economy- did you come to his defense?
“It’s transitory” is another Biden administration scam. All inflation is transitory. Economic cycles and conditions are by their nature transitory.
But again, you said today's oil issues is due to Biden. In some very small measure that is true undoubtedly. But the impacts he's been making are long-term. In a year or more, it may well be fair to blame him. And I am not "blaming" Trump, that deal may have been the best bet at the time. I think Doctor House once commented that a doctor can do everything right based on the information they have but still less the patient. However right now losing 9.7 million barrels per day is almost certainly a bigger contributor than not allowing future drilling.
My understanding from what I've read is that we are not producing enough. That we need to significantly ramp up production to offset what transpired over the last 18 plus months. The oil companies are resistant to doing so because they don't want to make that kind of investment in the short term because it comes at great expense/loss for them. Recognizing the policies Biden is championing it's not conducive to their long term health/objectives. The old I'll take it in the ass now because I know it'll pay off later isn't there. If that's the case, then this is directly related to Biden. Now, that being said, perhaps if our long term goal is to move away from that type of production it's a pain that would have to be endured at some point anyway.
Actually you won't find me blaming him for the economy last year, unless I was in a nasty spat and going full troll, but I felt I always understood that we were in for a bumpy ride.
You will find me ripping him for his Covid response...from his denial of it to his scapegoating it which I felt exacerbated the crisis.
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Poor timing at best if that is the goal. Once again the whole not raising taxes on those that don't make much once again gets lower income. Just waiting until it hits the camping trailer industry up north here and creates a mess again. Canada announcing shutting down a pipeline that will be effecting LP prices, heating oil etc. Gasoline/diesel is bad enough but a lot easier to deal with than soaring heat bills.
The gas prices are rough. My relatives have an asphalt company. The price of gas directly impacts their bids and whether they will have a good or bad year. Bids are too high they're toast. Then winter comes and no work. People think of gas as what you pay to ride to Target but it's obviously much bigger than that.
It is interesting, reading articles shows that people are quitting jobs but going to better jobs. If that is true, it seems people working are job shopping. That seems likely since September was post unemployment bonuses.
But some have left for good. It appears 3 million retired. Where are the rest.
It may be some have stayed home because of childcare costs. It is crazy to think the average salary for Pre-K childcare workers is $11.65/hour but the cost is so high. I wonder what all drives the costs.
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