Biden's Economy?

[K Graham]

So Ajax18 basically wants us to believe that the American President controls the global cost of gasoline even in other countries. I wonder if Australians, Germans, the French, etc really believe we have such enormous power over their economies.

[K Graham]

[K Graham]

Oil CEOs reveal why they're not drilling more

Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth, according to a Federal Reserve Bank of Dallas survey released Wednesday.

For years, the boom-to-bust oil industry spent lavishly to fund all-out production growth. US oil output skyrocketed, keeping prices low. Yet sustaining profits proved elusive. Hundreds of oil companies went bankrupt during multiple oil price crashes, leading investors to demand more restraint from energy CEOs.

Today, oil companies are under enormous pressure from Wall Street to return cash to shareholders through dividends and buybacks, instead of investing in badly needed supply.

The Real Reason Big Oil Won't Save the U.S. from High Gas Prices

But to understand why the industry really isn’t ramping up production, it helps to hear what its leaders are telling each other off camera. In Houston this week, where oil and gas executives are gathered for the industry’s most influential annual conference, CERAWeek by S&P Global, industry insiders are having a very different conversation than the one broadcast on cable TV. The primary thing holding back more production isn’t government policies, they say. It’s money.

Getting more oil flowing requires capital and comes with high risks in a volatile oil market. With steep losses in recent memory, the investors who control the purse strings are keeping the companies on a tight leash. “Ultimately, companies have to make a decision to risk their capital… nobody knows how this episode is going to play out,” Mark Viviano, managing partner at Kimmeridge, a private equity firm focused on oil and gas, told a packed conference room on March 8. “I don’t think it’s realistic to think there’s going to be a collective industry response to this crisis. Unfortunately, it’s just not the way the industry is.”

[ajax18]

Inflation Here to Stay Despite White House ‘Temporary, Transitory’ Claim

President Joe Biden’s 40-year-high inflation is here to stay despite the White House claiming for months that rising costs were “temporary, transitory.”

“Inflation is pushing prices higher and higher, and some of those costs may never come back down to the levels Americans were accustomed to before the pandemic,” Axios reported Monday. [T]he good old days of cheap goods, and even cheaper services, may be long gone.”

“Gas, food and other consumer prices have soared, with no end in sight,” the article added.

Biden’s inflation will reportedly cost consumers an extra $5,200 in 2022, or $433 per month. According to the University of Pennsylvania’s Wharton School, inflation already cost consumers an estimated $3,500 in 2021, impacting low-income families the hardest.

Last year, White House press secretary Jen Psaki stated that Biden’s inflation would only be “temporary” and “transitory.”

“Obviously, our analysis is going to be done by our economic experts. They continue to convey that they believe the impact will be temporary, transitory,” Psaki said in May.

After inflation kept rising, Psaki was asked again in December if she thought inflation was still transitory. “Given what Jerome Powell is now saying, does the administration, does the President acknowledge that inflation is more entrenched and not transitory?” NBC News’s Kristen Welker questioned.

Psaki responded by lengthening the “transitory” timeline into 2022 while suggesting the soaring prices were rooted in the pandemic.

“It [inflation] will ease next year, and that our supply chain issues and higher prices are rooted in the pandemic,” she said.

Biden’s inflation has not eased. Instead, inflation has only become worse and will continue to soar in 2022, Barrons reported. Inflation has become so bad that Goldman Sachs estimated the Federal Reserve has a 35 percent chance of triggering a recession as a result of tightening monetary policy to cool inflation.

“Eleven out of 14 tightening cycles in the U.S. since World War II were followed by a recession within two years, but only eight of them can be even partially attributed to Fed tightening — and soft or ‘softish’ landings have been more common more recently,” Bloomberg reported.

Biden has struggled with messaging on inflation. What was once called “transitory” inflation is now “Putin’s price hike.” Before that shift, CNN labeled inflation “good,” but the Washington Post noted that some reframe it as “corporate greed.”

“Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world,” Biden claimed in Iowa last week. “So everything is going up. We saw it in today’s inflation data.”

Biden’s claim that inflation is only a result of Putin’s actions is incorrect. Inflation was climbing well before “Putin’s price hike.”

https://www.breitbart.com/economy/2022/ ... ory-claim/

What the left has done to the world economy in the name of COVID and to seize power is unforgiveable.

[K Graham]

What the left has done to the world economy in the name of COVID and to seize power is unforgiveable.

The economy is infinitely better than it was when your orange dictator left office. This thread is loaded with example after example, but you ignore it. Any child can understand this, but hate and blissful ignorance blinds the mind, and yours is full of too much of it.

Inflation is transitory. Do you know what that even means? How long does there have to be inflation before its no longer "transitory"?

It began under Trump, but none of you idiots cared until the price of gas hit $3.30. Now it's going down, and you're still whining. Inflation has been awesome for me, my family, and everyone who knows how to be financially responsible. But for the economically ignorant, such as the folks at Brietbart, it serves as a political tool to confuse and scare their base. Psaki's remarks were well before the war between Russia and Ukraine that caused gasoline prices to soar by a dollar in just a week. You're an absolute fool for not understanding this, and calling it "Biden inflation." People like you, it is why aliens won't talk to us.

By the way, inflation in Texas was exacerbated by your idiot Governor who blocked the supply chains coming in from Mexico. Hundreds of millions in goods were ruined as vendors were forced to find their food elsewhere, from longer distances, paying higher prices which are prices passed on to the consumers. It would be a marvel if Republicans actually bothered to understand how the economy works.

[ajax18]

Inflation is transitory. Do you know what that even means? How long does there have to be inflation before its no longer "transitory"?

That gas has been at $5/gallon for so long that it's no longer inflation?

It began under Trump, but none of you idiots cared until the price of gas hit $3.30.

We cared. And futile as it was we fought from the very beginning when you began wrecking the economy in the name of COVID. But ultimately the voters preferred to stay home and pull a check. Now we're paying the price for it.

Inflation has been awesome for me, my family, and everyone who knows how to be financially responsible.

Illegal immigration has been great for you and your family as well.

[K Graham]

That gas has been at $5/gallon for so long that it's no longer inflation?

It never averaged that much under Biden. I paid $3.29 two days ago. Nationwide, gas averages barely over $4.00 and it was 16% higher than that a month ago. Meanwhile wage increases have outpaced inflation for the majority of those at the bottom. That pisses off Republicans.

We cared. And futile as it was we fought from the very beginning when you began wrecking the economy in the name of COVID.

No, you didn't care. Because you didn't have a Democrat to blame at the time. If your really cared you would have said something when gasoline jumped nearly 50% during Trump's first two years. It only plummeted because he wrecked the economy. All this lying about when the economy was bad and who was President isn't doing you any favors.

But ultimately the voters preferred to stay home and pull a check. Now we're paying the price for it.

This idiotic talking point was refuted numerous times but you don't care about being educated. All you care to do is to repeat the talking points fed to you by the uneducated hacks at Brietbart. There were far more people "not working and taking a check" under Trump than under Biden. Trump took so much pride in this that he demanded his signature be on every check. Meanwhile, we know why people aren't going back to work. It has everything to do with the pandemic. you see, not everyone is a Qanon type like you who sees a government conspiracy in everything. They see their friends and family dying from COVID and they chose to stay home.

Illegal immigration has been great for you and your family as well.

For you too, [deleted, FR 2, RI]

[ajax18]

It has everything to do with the pandemic. you see, not everyone is a Qanon type like you who sees a government conspiracy in everything. They see their friends and family dying from COVID and they chose to stay home.

Really? How many of us on this board died from COVID? How many of us became permanently disabled from it? And even if anyone did, exactly how did locking down and trashing the economy improve the quality of life for the 99.96% of us that are still alive?

[K Graham]

It has everything to do with the pandemic. you see, not everyone is a Qanon type like you who sees a government conspiracy in everything. They see their friends and family dying from COVID and they chose to stay home.

Really? How many of us on this board died from COVID? How many of us became permanently disabled from it? And even if anyone did, exactly how did locking down and trashing the economy improve the quality of life for the 99.96% of us that are still alive?

I said friends and family [deleted, FR 2, RI].

For all we know EA could have died from COVID. I personally know three people who died from COVID and probably a couple dozen who got really sick and couldn't work because of it. In fact my step-father's son moved here from Alabama during COVID, refused to get vaxxed, got COVID, was in the hospital for three months, and he's still having issues with it. You have no flippin clue the permanent, lingering effects this disease has on certain people.

Meanwhile idiots like you are propagating nonsense that effectively ensures more Americans die because for simple idiotic minds like yours, everything is best explained in the context of a racist or antigovernmental conspiracy.

And it has already been proven to you many times that people stopped working during COVID as soon as it hit because they didn't want to get sick. It had nothing to do with "lockdowns" or people getting a "check instead of working." No one in their right mind thought a stimulus check was enough to deter people from working. It was intended as a supplement, not a replacement, and it was signed by Trump, not Biden. Idiots like you love to recreate history so it suits your fantasy views, but history doesn't lie.

1. The "lockdowns" as you call them, happened under Trump and he initially encouraged them to last six months before pivoting away from that because he quickly realized it would damage his chances to win in November.

2. The #1 reason most people didn't go back to their old jobs was twofold: They didn't want to risk getting sick and they found other ways to make money by working from home. This was a fact well before the election and well before you had a Democrat President to blame. Other people were doing so well prior to COVID they didn't need to work, or they made other accommodations like younger folks moving in with their parents and going to school online.

I remember we bought a House in April 2019 and we leased it to a 19 year old kid and his GF who both worked at Olive Garden. They paid the security deposit and the first month's rent and then I drove by there a month later and saw that no one had actually moved in. There were a few boxes in the main living room but nothing else. His Mom called me and told me he has to back out of his commitment to live away from home because the restaurant's business had plummeted so much that people were being sent home or laid off. Either way, he wasn't going to be able to afford renting the house. So I reimbursed him everything he paid us and the Mom sang our praises for doing so. We ended up renting to a woman who worked at a nursing home.

The point being, businesses, PRIVATE businesses, made the conscious choice to "shut down" due to COVID. It had nothing to do with Democrats or Biden forcing them to do this during the Trump administration. It had everything to do with dramatically reduced demand for brick and mortar retail. Amazon sales skyrocketed. Fewer people were going out to restaurants or to places where there were crowds. That was the closest thing we had to a "lockdown" and it was a choice made by the population of citizens who were taking precautions.

I remember the first month of COVID hysteria and all the pharmacies had sold out of masks. This was months before any mask mandates had taken effect, but the demand was far outpacing supply anyway. You couldn't even buy masks from Amazon at the time. In reality you should probably be thanking the mask mandates because without them businesses would have probably remained shut down. Because without masks as a precautionary option, fewer people would be willing to get out and about.

[ajax18]

For all we know EA could have died from COVID.

Maybe that would explain his view that I had blood on my hands for going to work in early March of 2020.

I personally know three people who died from COVID

Really? Young, healthy, working people? Do me a favor. If I happen to be one of the 0.04% who dies or became permanently disabled from COVID, don't use saving my life as an excuse to turn a Trump economy into a Biden economy. Too many people in my family have either died or spent their lives in captivity trying to avoid life under Bidenlike economies. Having Grandpa live a few more years in exchange for selling our descendants into debt slavery and becoming more like Venezuela isn't worth it to me.

In fact my step-father's son moved here from Alabama during COVID, refused to get vaxxed, got COVID, was in the hospital for three months, and he's still having issues with it. You have no flippin clue the permanent, lingering effects this disease has on certain people.

If he chose not to get vaccinated, then that is his problem. Does he think the economy should've been shut down longer because he got COVID? From what I see, the unvaccinated aren't asking for you to save them. They just want to be left alone.

Meanwhile idiots like you are propagating nonsense that effectively ensures more Americans die because for simple idiotic minds like yours, everything is best explained in the context of a racist or antigovernmental conspiracy.

If you had your way, we'd be like your communist heroes in Shanghai right now.

And it has already been proven to you many times that people stopped working during COVID as soon as it hit because they didn't want to get sick. It had nothing to do with "lockdowns" or people getting a "check instead of working."

Really? Tell that to the salon owners who were arrested and put in jail for going to work. Tell that to the restaurant owners who were fined into bankruptcy during this scamdemic.

No one in their right mind thought a stimulus check was enough to deter people from working.

No, but it sure worked out nice for those who work under the table anyway.

It was intended as a supplement, not a replacement, and it was signed by Trump, not Biden.

Stop with the Trump did this. We're both old enough to know where the real pressure to lock down and dole out inflation generating money came from.

The point being, businesses, PRIVATE businesses, made the conscious choice to "shut down" due to COVID. It had nothing to do with Democrats or Biden forcing them to do this during the Trump administration. It had everything to do with dramatically reduced demand for brick and mortar retail. Amazon sales skyrocketed. Fewer people were going out to restaurants or to places where there were crowds. That was the closest thing we had to a "lockdown" and it was a choice made by the population of citizens who were taking precautions.

Again, tell everyone whose business failed and never came back because of this. Tell that to everyone who was incarcerated, fined, accused of battery, and even murder for going to work or even out in public.