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Thread: Recession

  1. #11
    Senior Member Rogar's Avatar
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    Quote Originally Posted by Alan View Post
    It seems pretty obvious to me that he actually is to blame, not for the complete jump in prices but certainly for a large portion of it. The administration likes to tell us that increasing gas prices were caused by Russia's incursion into Ukraine but the die was cast well before that.
    I'd be curious as to what die was cast?

    Gas prices seem to be a bit of a mystery to me, but it was pretty obvious that post covid return to transportation and travel would increase demand and gas prices would follow, which has little to do with national or international politics and more to do with greedy big oil as I see it. I'm not to sure what they are dropping now, other than oil supply volumes being a production game for the industry.

  2. #12
    Senior Member Rogar's Avatar
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    Quote Originally Posted by Yppej View Post
    We couldn't stop Russia from invading Ukraine, but we didn't have to spike inflation by throwing all that money at Ukraine, which paid Biden's son big bucks to run Burisma though he had no energy experience. Our biolabs in Ukraine also are a possible culprit in the pandemic. We should stop meddling in foreign countries and funding their bilogical warfare aka gain of function research.

    And JP is oblivious to the economic suffering of the next generation. If they have McJobs and gas has come down (but is still twice as high as it was before Biden's election) all is well.

    79% of Americans disagree.
    That certainly covered a wide range of conspiracy theories.

  3. #13
    Simpleton Alan's Avatar
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    Quote Originally Posted by JaneV2.0 View Post
    I that the worldwide chart?
    Also, correlation is not causation. How/why would President Biden cause a rise in gas prices?
    Governments use their administrative states to manipulate their energy costs. Europe has been doing it for years to keep their costs high in order to decrease demand. On a smaller scale, some US states such as California have been doing it as well which is why gas prices are consistently higher there.

    Our previous administration used the administrative state to increase supply of available crude oil and incentivize investment in refinement which resulted in some of the lowest gas prices we'd seen in years. The current administration used the administrative state to over-rule those incentives and restrict the available supply of crude oil as part of their climate change goals, which has resulted in some of the highest prices we've seen in years. That was of course the goal, decrease fossil fuel usage by restricting supply and making it too expensive for everyone not committed enough to climate change to switch to electric vehicles.

    The only part of it I don't understand is why this administration isn't publicly patting itself on the back for making such great strides in its overall plan. It probably has something to do with the pain it causes voters.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  4. #14
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    Politically speaking, I think inflation is Biden’s biggest albatross. You can trumpet jobs or wage growth all you like, but if everyone in the country gets a reminder every time they make a purchase, you’re going to have a problem.

    I don’t think US presidents have a decisive impact on inflation, but frantically searching for scapegoats and excuses certainly makes it look like ownership. Calling a big bill with the spending in the front and revenues coming later the “Inflation Reduction Act” may have consequences for the Dems in the next couple of years. Taking a victory lap after one arguably good jobs report could backfire as well.

  5. #15
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    I express happiness that people are finding jobs and that gas prices are dropping and you read it as ‘I’ve got mine, so screw everyone else.’
    I think you are right about the impact of unemployment, little can be so devastating to individuals. I don't weigh in here or there on Biden, as in 6 months we could be in severe recession, everything changes (and the Fed has been pursuing recession, outright. They are pretty much saying they are trying to cause a recession).

    As for people pretending things getting harder for the next generation (Gen Z?), is something new under Biden. I mean we are talking things that have kind of been happening for over a decade since AT LEAST the great recession of 2008, so much so that it has become a cliche about millenials - how hard they have it. But if we are talking housing, remember housing prices took off well BEFORE 2008 because it was a housing driven recession- but they dropped afterward, yea a bit, for like 1 year, and then up and away. Supposedly much of it is because not enough housing has been constructed. But that's Biden's fault somehow? I mean I suppose in some alternative universe Biden makes a housing bill central to his presidency or something.
    Trees don't grow on money

  6. #16
    Senior Member Rogar's Avatar
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    The label, "Inflation Reduction Act" seems to me to be a thinly veiled marketing scheme. Something like Greenhouse Emissions Reduction Act seems more descriptive.

  7. #17
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    Its no secret that the big oil companies have had record profits recently. Perhaps they are sending quite a bit outside the states to countries who pay more? I found it curious when driving through oil country in Texas that every pump jack to be seen was furiously pumping away when normally they are mostly idle.

  8. #18
    Senior Member Rogar's Avatar
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    My cause and effect chart : )


    gas.jpg

  9. #19
    Senior Member jp1's Avatar
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    Quote Originally Posted by Yppej View Post

    And JP is oblivious to the economic suffering of the next generation. If they have McJobs and gas has come down (but is still twice as high as it was before Biden's election) all is well.
    I’m well aware that there has been a class war going on in this country since 1980. It’s not clear to me how me being successful in that environment means that I don’t care about people that are less successful. Like many other successful people I know I donate time and money towards organizations working to achieve better economic equality both at the individual level and at the more broad societal level.

  10. #20
    Senior Member JaneV2.0's Avatar
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    President Biden confronted that notion head on:

    The President also sought to head off Republican arguments that he has contributed to the higher gasoline prices with his environmental policies after recommitting the United States to the Paris climate accord and making it harder for energy firms inside the country to produce oil and gas.

    He argued that a long-term strategy to wean the country off fossil fuels and transition to renewables -- a core goal of his presidency as he tackles global warming -- also makes sense for American national security.

    "If we do what we can, it will mean that no one has to worry about the price at the gas pump in the future," Biden said. "That'll mean tyrants like Putin won't be able to use fossil fuels as weapons against other nations."


    Of course, if big oil wanted to bring prices down (clearly, they don't), they could just take advantage of the countless leases outstanding.

    Also, prices ebb and flow all the time--I ran across a 2018 article about $5.45 gas in which Trump's Iran policy was blamed. I'll be glad when fossil fuels are just a memory, personally.

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