haha. typical leftist idiocy brought to you by joke news.
they make things unbearable (like they always do) then if there’s a slight improvement they make themselves heroes
they really rely on stupidity
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Gaius
203
Well since Joe Biden blamed oil coprorations for the high prices.
I guess he’s going to thank them for lower prices now, right?
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he didnt just blame them. he blamed the corner convenience store/gas station owner too
typical clueless democrat bastard
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Gaius
205
Funny tho. He didn’t bad mouth Saudi oil execs the same way he bad mouhte American oil execs and american shop owners. He went over to Saudi and fist-bumped them and tried to be their paI, & I heard he even offered the Saudi Oil oil execs fighter jets and cruise missiles to increase supply.
At the time I thought “He should treat American oil execs the same way, especially those fist bumps and cruise missiles. Those Texas cowboys would LOVE some fist bumps and cruise missiles.”
Judging from the recent videos I’ve seen, convenince store owners might like some crusie missiles too.
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In the minds of those on the Left, when it comes to anything negative happening in the economy it has nothing to do with anything that the Biden Administration did. But anything positive on the otherhand it has everything to do with the actions of the Biden Administration!
Gaius
207
In fairness:
Joe Biden is responsible for a huge portion of what’s wrong with energy, and what emergy oes to the economy has a much farther reach than just pump prices.
But right now, (I am trying to be fair) a big part of what we are facing is a “credit cycle.” As far as that goes Joe Biden did not cause it. He is more like a quarterback who took the snap . . . and sat down on the field.
He is not doing his job, but he can (honestly) say “Look, I didn’t cause any harm! I didn’t do anything wrong! Yay me!”
I disagree. Ol Folksy Joe and his dystopian ideological greenie dreamers wrecked a functioning energy system when they led him into the Oval Office, sat him down, gave him a pen and put EO documents in front of him to sign. The Keystone XL pipeline project stopped, pissed off the Canadians, put a few thousand people out of work and what could have been more energy independence became energy begging from bad actors off shore.
From that point forward, everything else became collateral damage.
A similar effect happened when the Cement Head in Cheef suspended the construction of the Southern Border Wall and inviting 3, 4 maybe 5 million illegal invaders into the country.
He’s a puppet, an ■■■■■■■ and God only knows where this debacle will lead us or end.
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Gaius
209
I don’t think we disagree.
I believe that energy is a HUGE part of the economy.
A typical American household spends 30-50% of its monthly aftertax income on housing. Another 30% goes to “fixed costs” such as car payments etc. . Energy is thus a HUGE part of consumer discretionary spending aka “the economy.” The energy crisis goes way beyond prices at the pump and the enrgy crisis is Joe Biden’s fault. It is Joe Biden caused.
But our current problems are two-fold. The other part is an (infaltionary) asset bubble. IMO Joe Biden did not cause that but he is guilty of being asleep at the switch. An asset bubble means we are about to be hit with a big lack of productivity. The productivity of labor and the productivity of capital are dropping fast. Joe Biden is asleep on guard duty. I guess some old folks take a lot of naps.
Small businesses are concerned as well:
https://www.msn.com/en-us/money/news/cnbc-survey-monkey-small-biz-survey-shows-a-new-all-time-low-for-small-business-confidence/vi-AA10gSTC?ocid=msedgntp&cvid=d365c6f608564ef2b3c02d3312eeb2c9&category=foryou
Well here ya go:
In June Ford announced an 8,000 employee layoff “to pivot toward EV manufacturing”.
I’ve owned Fords for over 50 years. I learned to drive on my Father’s 1950 F-1. He was a contractor and all of his trucks and equipment were either Fords or Ford powered. My latest is an F-150 Crew 4x4 Sport with a 2.7L twin turbo charged V-6, 10 speed transmission, a power inverter, satellite & all the goodies and extra comfort I need. It’ll make damn near 24 mpg at cruising speeds and g has a fuel range of 700 (±) miles on a tank of 87 octane! I drove this thing from Baltimore to Palm Beach Fl on two tanks of fuel towing a tandem axle trailer!
I hope Ford doesn’t wind up making a ■■■■ load of Lightnings and other EV vehicles only to have them sit because either folks can’t afford them, chips aren’t available or the battery technology goes sideways. The Dimbulbcrats faux “inflation reduction greenie dreamy” taxpayers funded boondoggle listed a $7,500.00 rebate/ incentive to purchase a new EV. The auto manufacturers already raised their prices on EVs well beyond that number. LOL
I’ve argued consistently that no one person controls the economy, and furthermore that the analogy some use that the president is like a quarterback on a football team is also fallacious. The reality is that the US has the largest and best economy in the world, so whoever is president will almost certainly have numerous moments in which they can beat their chest and say look what a great job I’m doing! In the end it’s all about policies. Some policies can help our economy to a certain degree, some can hurt as well. Nonetheless, the economy largely does what is does no matter who is president.
Regarding the current outlook I’ve seen more and more negative news popping up like this:
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Gaius
214
To a degree you are correct.
Srin Lanka has a weak underlying economy.
When Sri Lanka adopted many of the same policies Europe and the US enacted their economy collapsed. Our economy is strong and tends to be will harmed, not destroyed by such polices
Keynesians polices and eco-policies that follow poltical and fashion trends instead of science hurt economies. No two ways about that. But yes the underlying US economy is strong. Even the goofy things that we do (crypto, metaversee real estate, NFTs and no-profit tech companies) are a sign of the fact that we remain inventive entrepreneurial people.
Our education system SUCKS and there is a raft of trouble in our future regarding the technology age. (It wasn’t too long ago we used to export doctors and engineers to places like China and India.)
But that is tomorrow’s probem not todays.
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Gaius
215
Umm . . .
I have never heard of this measure of the economy before, but . . .
Shouldn’t we be moving in the other direction?
Gaius
216
I sincerely concurred with the consensus that (despite declining GDP and declining worker productivity) we are not in a recession because we do not have high unemploymnet
Now I am beginning to have second thoughts.
This chart was retweeted by Tom Keene (of Bloomberg TV fame.)
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Nemesis
217
@Gaius I enjoy reading your thoughts on the economy. Granted some of it goes over my head but I have learnt a lot from you. Cheers.
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They’re full of ■■■■ pulling the wool over the eyes of the stipid and ignorant.
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Gaius
219
Thank you Nem.
In this case the point is that sometimes it makes sense to say
“Recessions should not be defined by GDP alone. We are not really in a recession,riight now in 2022, because employment is still high.”
That argument is made by many (including the WH and including myself.)
But . . . if we are goind to go beyond “just GDP” then why stop at jsut GDP + unemployment?
When I look at all the data including GDP + employment + household wages + household debt, + household net worth etc., the picture is pretty grim.
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It’s the game Democrat’s play. Raise the price from $1.69 a gal. to over $5.00. Then cut it back to to $3.50 and tell everyone you cut their gas prices.
I’ve seen this movie before.
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