Biden's Economy?

[Gadianton]

I’m pretty sure that the only ‘scamdemic’ stimulus spending that had occurred at the time of the election had happened under the Trump Administration.

It's time to point again that Donald Trump signed his name to the checks. That's how proud he was of his own part in piling up the national debt.

[Vēritās]

I’m pretty sure that the only ‘scamdemic’ stimulus spending that had occurred at the time of the election had happened under the Trump Administration.

It's time to point again that Donald Trump signed his name to the checks. That's how proud he was of his own part in piling up the national debt.

This is why it is impossible trying to talk to MAGA cult members like Ajax. They constantly recreate history and they proceed to live in that time warp. Half the dumb crap he is complaining about had nothing to do with Democrats.

[Vēritās]

Hey ajax, gasoline is just $2.69 around the corner from where I live.

Should I blame Biden?

https://www.gasbuddy.com/gasprices/georgia/woodstock

$2.69 is less than what it was in Trump's second year in office, not even accounting for inflation.

[canpakes]

Hey ajax, gasoline is just $2.69 around the corner from where I live.

Should I blame Biden?

https://www.gasbuddy.com/gasprices/georgia/woodstock

$2.69 is less than what it was in Trump's second year in office, not even account for inflation.

On that note, the US petroleum industry is now hitting record production levels. As in, higher than during the pre-COVID times of the previous Administration.

[ajax18]

Moody’s Investors Service lowered the United States outlook from stable to negative on Friday, citing polarization and deficit spending.

“Moody’s Investors Service on Friday lowered its ratings outlook on the United States’ government to negative from stable, pointing to rising risks to the nation’s fiscal strength,” CNBC noted. “The ratings agency has affirmed the long-term issuer and senior unsecured ratings of the U.S. at Aaa.”

A sign for Moody’s rating agency is displayed at the company headquarters in New York (EMMANUEL DUNAND/AFP/Getty Images).

The agency said that it expects the “US’ fiscal deficits will remain very large, significantly weakening debt affordability.”

The agency added that political polarization raises concern that future governments will not be able to properly implement a coherent fiscal policy.

“Continued political polarization within US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability,” it said.

The U.S. rating will stay at Aaa as long as the nation continues to “retain its exceptional economic strength.”

“Further positive growth surprises over the medium term could at least slow the deterioration in debt affordability,” the agency said.

Deputy Secretary of the Treasury Wally Adeyemo said that the Biden administration disagrees with the rating shift to a negative.

“While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook,” Adeyemo said in a statement. “The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset.”

The negative rating comes as the U.S. government faces another possible shutdown.

“Newly minted Speaker Mike Johnson is running smack dab into the same spending problems that plagued his predecessor, raising the prospects of a government shutdown if Congress doesn’t act between now and next Friday and further exposing divisions within the conference,” CNN reported this week.

“House Republican leaders were forced to abruptly pull two-year-long spending bills from the floor this week amid opposition from both ends of their badly divided GOP conference,” it added. “And Johnson is still grappling with a strategy to keep the government’s lights on without sparking a right-wing rebellion.”

https://www.breitbart.com/economy/2023/ ... -deficits/

[ajax18]

Hey ajax, gasoline is just $2.69 around the corner from where I live.

Should I blame Biden?

https://www.gasbuddy.com/gasprices/georgia/woodstock

$2.69 is less than what it was in Trump's second year in office, not even accounting for inflation.

So the oil company CEOs did a 180 degree turn on morality and quit price gouging? Is it no longer Putin's fault? Did they all the sudden realize green energy isn't competitive and start investing in drilling again? What's your explanation?

[canpakes]

Hey ajax, gasoline is just $2.69 around the corner from where I live.

Should I blame Biden?

https://www.gasbuddy.com/gasprices/georgia/woodstock

$2.69 is less than what it was in Trump's second year in office, not even accounting for inflation.

So the oil company CEOs did a 180 degree turn on morality and quit price gouging? Is it no longer Putin's fault? Did they all the sudden realize green energy isn't competitive and start investing in drilling again? What's your explanation?

For the most part, market forces. The US is producing crude at its highest ever rates, even higher than during the previous Administration.

But, as you were prone to blame ‘Biden’ for prices before, I’d ask you the same question: Who’s ‘fault’ is it for dropping prices?

Or are things not that simplistic?

[Res Ipsa]

Hey ajax, gasoline is just $2.69 around the corner from where I live.

Should I blame Biden?

https://www.gasbuddy.com/gasprices/georgia/woodstock

$2.69 is less than what it was in Trump's second year in office, not even accounting for inflation.

So the oil company CEOs did a 180 degree turn on morality and quit price gouging? Is it no longer Putin's fault? Did they all the sudden realize green energy isn't competitive and start investing in drilling again? What's your explanation?

Ajax, several folks, including me, spent billions of pixels during the oil price spike explaining exactly what was driving that spike. You never listened, ever. You’re still stating some things exactly backwards. Green energy is cheaper than fossil fuels. So, the governments green energy programs are now accelerating market driven change rather than fighting against it. As I’ve explained to you in the past, most of those efforts promote substitutes for fossil fuels, which acts to lower the price of fossil fuels.

The causes of the oil price spike were explained to you. One of them — high personal savings during and pent up demand for vacation travel during the pandemic was a significant one. It’s not a coincidence that low gas prices returned after Labor Day when US children went back to school, marking the end of the traditional US vacation season.

Go back and read The threads during the spike with the understanding that those who pointed toward temporary sources of supply/demand dislocation were right. Maybe then you’ll understand.

[Gadianton]

I think you are oversimplifying things, Canpakes.

My right-wing friend is letting his views be known again, and weighed in on this one the other day. I guess to his credit in this instance, it was my fellow forced-to-be-Democrat friend who took a shot a Trump to him. I can't remember what it was, but rwf's response was, "At least Trump got oil prices down to zero."

It's going to be tough for Biden to lead the world in oil production AND bring world oil prices down to zero. Just like it's tough to in-source, cut off immigration AND lower prices at the same time.

If Trump is elected again, he can do all this and more of course. Per Ajax, world peace will be established immediately because of Trump's projection of power.

Oh, I think I remembered what the shot against Trump was. It was about Trump against NATO but can't remember how it got brought up. rwf is pro-Ukraine. He's also against the wall, by the way.

[Res Ipsa]

I think you are oversimplifying things, Canpakes.

My right-wing friend is letting his views be known again, and weighed in on this one the other day. I guess to his credit in this instance, it was my fellow forced-to-be-Democrat friend who took a shot a Trump to him. I can't remember what it was, but rwf's response was, "At least Trump got oil prices down to zero."

It's going to be tough for Biden to lead the world in oil production AND bring world oil prices down to zero. Just like it's tough to in-source, cut off immigration AND lower prices at the same time.

If Trump is elected again, he can do all this and more of course. Per Ajax, world peace will be established immediately because of Trump's projection of power.

Oh, I think I remembered what the shot against Trump was. It was about Trump against NATO but can't remember how it got brought up. rwf is pro-Ukraine. He's also against the wall, by the way.

I think the increase in US refining capacity is the most significant change in the supply side since the spike. https://www.reuters.com/markets/commodi ... 023-06-21/

I’m guessing there was a significant change on the demand side as well, but I’ll have to check.

ETA: personal expenditures on gasoline and other energy peaked in early 2022, then fell. They’ve never returned to the peak demand that caused, in part, the 2022 spike.

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