Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

[Over 29 years of fanhood]

33 minutes ago, ALF said:

Angry about gas prices? Blame Wall Street

 

If you're looking for someone to blame for high gas prices, we're here to help. Hint: It's not President Biden.

Here's the deal: Gasoline prices have surged to seven-year highs and are likely to keep climbing. But, as my colleague Matt Egan writes, American oil companies are in no rush to loosen the spigots anytime soon. Why? Shareholders have cajoled oil companies to finally live within their means.

 

Even though US oil prices have surged by more than 65% this year, US oil production is about 14% below where they were at the end of 2019.

So basically: Blame Wall Street. Oil and gas companies aren't producing more because they're focused on returning cash to shareholders.

 

https://www.cnn.com/2021/11/12/business/oil-gas-biden-portugal-tesla-nightcap/index.html

What?? CNN wrote an editorial defending Biden😱

 

this idiot author is saying oil companies are drilling less now that barrels are higher margin than when oil was cheaper because more profitable oil isn’t something shareholders want?? 😂 

 

Biden himself literally took credit for inflation the other day in Baltimore and OandG industry people I know say drilling permits are becoming impossible to get ahold of. 
 

Dollar inflation and supply constraints are the problem- Joe’s administration has a hand in both. Hell one of his appointees was bragging the other day they want to bankrupt the smaller producers. 

[unbillievable]

It's now racist to mention the backlog of shipping boats at the ports.

 

[Irv]

[B-Man]

 

 

 

 

 

 

 

 

 

[ALF]

Former Obama economic aide: I 'warned' Democrats about inflation, wonders how Biden got it 'so wrong'

 

He said it started with the $1.9-trillion coronavirus relief package President Biden signed this year.

"The original sin was the $1.9 trillion American Rescue Plan, passed in March. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment," he wrote. "That has contributed materially to today’s inflation levels." 

 

"They can’t say they weren’t warned — notably by Larry Summers, a former Treasury secretary and my former boss in the Obama administration, and less notably by many others, including me. We worried that shoveling an unprecedented amount of spending into an economy already on the road to recovery would mean too much money chasing too few goods," Rattner added.

 

Rattner also rejected Biden's pledges that his Build Back Better will help alleviate the problem. White House national economic director Brian Deese recently argued the $1.75 trillion social spending and climate package would help get people back to work and in turn "reduce price pressures."

 

But Rattner referred to it as "a package that front-loads spending while tax revenues arrive only over a decade." He cited research from the Committee for a Responsible Federal Budget, estimating that the plan would likely add $800 billion or more to the deficit over the next five years, "exacerbating inflationary pressures."

 

Rattner instructed the White House to start adopting "fiscal discipline," which he argues should include tax increases.

 

https://www.foxnews.com/media/former-obama-aide-i-warned-dems-about-inflation

 

Democrats can forget 22 and 24 , thanks Biden and so called progressives.

[Chef Jim]

1 hour ago, B-Man said:

 

 

 

 

 

 

 

 

 

 

Well you do have to wonder why here in California refineries have all of a sudden conducted "emergency maintenance" which has pushed our fuel prices to record highs right before the holiday with the highest levels of travel via autos.  How dumb do they think we are??

[ComradeKayAdams]

17 hours ago, ALF said:

https://www.foxnews.com/media/former-obama-aide-i-warned-dems-about-inflation

 

Democrats can forget 22 and 24 , thanks Biden and so called progressives.

 

Ugh…et tu, ALFe?! I assume this remark is due to progressives’ support for the Build Back Better (BBB) bill and for the renewable energy market, within the context of inflation? Okay, I’ll address it all…

 

But first things first: Steven Rattner, Larry Summers, and their ilk are hot garbage just like this Fox New propaganda article. They say there is too much focus on demand-side stimulus and not enough on investment?! OMG did they not pay attention to the Kay-shaped COVID-19 economic recovery effect?! The PMC (professional/managerial class) already accumulated plenty of money for renewed investing. And if they’re advocating for government raising taxes to cool off inflation, wouldn’t that only reduce precious investment capital as well as hurt the Democrats in the 2022+2024 elections with the PMC demographic, thereby undermining their entire flimsy argument? BBB did have tax-raising provisions on the rich, by the way, but these had long ago been gutted in typical bipartisan neoliberal fashion. To be clear, this “news” article was written with the sole intention of denigrating BBB (which has a lot of social welfare goodies in it that poll with overwhelming majority popularity numbers and that nearly everyone else in Europe and East Asia already has) by inappropriately linking it to a largely unrelated and diversionary problem: inflation.

 

Now let’s discuss the root causes of our inflation predicament. A proper explanation is surely multifaceted, but supply shock inflation is far and away the best explanation for the VERY SPECIFIC market inflationary effects and macroeconomic patterns we observe around the world, not just in the United States. We can talk about shipping containers at ports, the Great Resignation propelled by retiring Boomers, too many world economies dependent on Chinese imports, price-gouging oligopolies like in the American meat industry, not enough Americans returning to their sh!tty underpaid service jobs in any of the horribly exploited industries such as is the case with truckers, etc… the point is that the economic emergence from the pandemic shutdown created a lot of unprecedented logistical chaos.

 

The most significant cost-push inflationary effect, of course, comes from the international fossil fuel market. But not having enough fossil fuel to meet demand isn’t the problem. The full LOGISTICS of moving the supply is the problem. Extraction and shipping operations for this industry were drastically downsized in 2020 in response to the global demand collapse. Returning operations to meet the pre-pandemic market demand is a highly unstable process and cannot happen in an instant. Supposed Biden policies of cancelling new oil drilling permits on American soil and territorial waters, along with the Keystone XL pipeline extension cancellation, is practically irrelevant to the present inflationary dilemma because these actions would have a negligible effect on the overall supply potential. Furthermore, this additional supply could not have ever been extracted and shipped out in time to meet current demands.

 

There are also demand-pull inflationary effects at play, but monetarism zealots ALWAYS overemphasize that aspect because they fundamentally hate all forms of government spending and all perceived expansions of government power. They are dishonest actors in the realm of international macroeconomics and are not interested in objectively monitoring reality. Remember that 2020 presented a massive DEFLATIONARY cycle due to the worldwide collapse in demand. Aggressive monetary supply expansion was 100% the most reasonable and most ethical countervailing policy to take: $2 trillion 2020 CARES + $0.5 trillion 2020 PPP-HEA + $0.9 trillion 2021 CAA + $1.9 trillion 2021 ARP…including all the stimulus checks. Plenty of other Western countries routinely spend proportionately more during NORMAL (non-pandemic) times and don’t experience inflation like this.

 

I know it’s popular these days and especially within this right-wing subforum cesspool to sh!t on progressives for everything wrong in the world, but keep in mind that progressives weren’t the ones who wanted Biden/Harris during the 2020 Dem primaries. Democrats will lose the House and Senate in 2022 partly because that’s what typically happens to incumbent parties in mid-term elections. However, Biden/Harris are also just really terrible and ineffective politicians on their own merit. Biden could be doing a lot more to mitigate inflationary effects in preparation for the holiday and winter season. He has the executive power to regulate (i.e. severely limit) our nation’s fossil fuel exports, open up our Strategic Petroleum Reserve, grease the wheels of the national and international supply chains like at shipping ports, etc… He doesn’t even need to (nor should he) genuflect to OPEC and Russian fossil fuel oligarchs.

 

Final reminder to everyone: far-leftists comprise the only American political faction that takes anthropogenic climate change seriously, i.e. in a manner that is commensurate with our Paris Agreement obligation. If TRUE progressives ever had actual post-LBJ era power in this libertarian crony capitalistic hellhole of a country, they would have initiated serious investments into renewable energy (I include nuclear here) way back during the 1970’s…or at the very least immediately after that famous June 1988 global warming Senate hearing. So whenever the green energy transition process becomes economically turbulent (and I’m sure it will), more people should try redirecting their vitriol away from present-day Squad members and toward the neoliberal a-hole politicians from the previous five decades who took all those corporate fossil fuel bribes.

 

Final final reminder: Joe Biden is NOT a progressive. He accepts corporate campaign donations and rejects universal health care, thus failing the two most basic requirements for being considered a “progressive.” He fails plenty of other far-left litmus tests I could enumerate, but I’ve already typed 8 paragraphs and need to get ready for work. Over and out, - Commie Kay

[SoCal Deek]

Wait a minute Kay….you work? 

[Doc]

58 minutes ago, ComradeKayAdams said:

 

Ugh…et tu, ALFe?! I assume this remark is due to progressives’ support for the Build Back Better (BBB) bill and for the renewable energy market, within the context of inflation? Okay, I’ll address it all…

 

But first things first: Steven Rattner, Larry Summers, and their ilk are hot garbage just like this Fox New propaganda article. They say there is too much focus on demand-side stimulus and not enough on investment?! OMG did they not pay attention to the Kay-shaped COVID-19 economic recovery effect?! The PMC (professional/managerial class) already accumulated plenty of money for renewed investing. And if they’re advocating for government raising taxes to cool off inflation, wouldn’t that only reduce precious investment capital as well as hurt the Democrats in the 2022+2024 elections with the PMC demographic, thereby undermining their entire flimsy argument? BBB did have tax-raising provisions on the rich, by the way, but these had long ago been gutted in typical bipartisan neoliberal fashion. To be clear, this “news” article was written with the sole intention of denigrating BBB (which has a lot of social welfare goodies in it that poll with overwhelming majority popularity numbers and that nearly everyone else in Europe and East Asia already has) by inappropriately linking it to a largely unrelated and diversionary problem: inflation.

 

Now let’s discuss the root causes of our inflation predicament. A proper explanation is surely multifaceted, but supply shock inflation is far and away the best explanation for the VERY SPECIFIC market inflationary effects and macroeconomic patterns we observe around the world, not just in the United States. We can talk about shipping containers at ports, the Great Resignation propelled by retiring Boomers, too many world economies dependent on Chinese imports, price-gouging oligopolies like in the American meat industry, not enough Americans returning to their sh!tty underpaid service jobs in any of the horribly exploited industries such as is the case with truckers, etc… the point is that the economic emergence from the pandemic shutdown created a lot of unprecedented logistical chaos.

 

The most significant cost-push inflationary effect, of course, comes from the international fossil fuel market. But not having enough fossil fuel to meet demand isn’t the problem. The full LOGISTICS of moving the supply is the problem. Extraction and shipping operations for this industry were drastically downsized in 2020 in response to the global demand collapse. Returning operations to meet the pre-pandemic market demand is a highly unstable process and cannot happen in an instant. Supposed Biden policies of cancelling new oil drilling permits on American soil and territorial waters, along with the Keystone XL pipeline extension cancellation, is practically irrelevant to the present inflationary dilemma because these actions would have a negligible effect on the overall supply potential. Furthermore, this additional supply could not have ever been extracted and shipped out in time to meet current demands.

 

There are also demand-pull inflationary effects at play, but monetarism zealots ALWAYS overemphasize that aspect because they fundamentally hate all forms of government spending and all perceived expansions of government power. They are dishonest actors in the realm of international macroeconomics and are not interested in objectively monitoring reality. Remember that 2020 presented a massive DEFLATIONARY cycle due to the worldwide collapse in demand. Aggressive monetary supply expansion was 100% the most reasonable and most ethical countervailing policy to take: $2 trillion 2020 CARES + $0.5 trillion 2020 PPP-HEA + $0.9 trillion 2021 CAA + $1.9 trillion 2021 ARP…including all the stimulus checks. Plenty of other Western countries routinely spend proportionately more during NORMAL (non-pandemic) times and don’t experience inflation like this.

 

I know it’s popular these days and especially within this right-wing subforum cesspool to sh!t on progressives for everything wrong in the world, but keep in mind that progressives weren’t the ones who wanted Biden/Harris during the 2020 Dem primaries. Democrats will lose the House and Senate in 2022 partly because that’s what typically happens to incumbent parties in mid-term elections. However, Biden/Harris are also just really terrible and ineffective politicians on their own merit. Biden could be doing a lot more to mitigate inflationary effects in preparation for the holiday and winter season. He has the executive power to regulate (i.e. severely limit) our nation’s fossil fuel exports, open up our Strategic Petroleum Reserve, grease the wheels of the national and international supply chains like at shipping ports, etc… He doesn’t even need to (nor should he) genuflect to OPEC and Russian fossil fuel oligarchs.

 

Final reminder to everyone: far-leftists comprise the only American political faction that takes anthropogenic climate change seriously, i.e. in a manner that is commensurate with our Paris Agreement obligation. If TRUE progressives ever had actual post-LBJ era power in this libertarian crony capitalistic hellhole of a country, they would have initiated serious investments into renewable energy (I include nuclear here) way back during the 1970’s…or at the very least immediately after that famous June 1988 global warming Senate hearing. So whenever the green energy transition process becomes economically turbulent (and I’m sure it will), more people should try redirecting their vitriol away from present-day Squad members and toward the neoliberal a-hole politicians from the previous five decades who took all those corporate fossil fuel bribes.

 

Final final reminder: Joe Biden is NOT a progressive. He accepts corporate campaign donations and rejects universal health care, thus failing the two most basic requirements for being considered a “progressive.” He fails plenty of other far-left litmus tests I could enumerate, but I’ve already typed 8 paragraphs and need to get ready for work. Over and out, - Commie Kay

 

If you don't like it, leave.  This country didn't become the greatest country in the history of the Earth by doing what you and your communists buddies want.  

[ALF]

1 hour ago, ComradeKayAdams said:

 

 

Final final reminder: Joe Biden is NOT a progressive. He accepts corporate campaign donations and rejects universal health care, thus failing the two most basic requirements for being considered a “progressive.” He fails plenty of other far-left litmus tests I could enumerate, but I’ve already typed 8 paragraphs and need to get ready for work. Over and out, - Commie Kay

 

Thank you for explaining a complex problem in a perfect storm disaster.

 

My frustration is the way the Democrats are dealing with these massive problems . The partisan divide is so hyper bitter it will convince voters to go Republican heavy in 22 and 24 and elect Trump again. The country and Congress have not been this divided since the Civil War , no exaggeration .

[OrangeBills]

17 minutes ago, ALF said:

 

Thank you for explaining a complex problem in a perfect storm disaster.

 

My frustration is the way the Democrats are dealing with these massive problems . The partisan divide is so hyper bitter it will convince voters to go Republican heavy in 22 and 24 and elect Trump again. The country and Congress have not been this divided since the Civil War , no exaggeration .

 

See, it's not hyper-partisanship, or whatever they want to call it.  Sometimes, the ideas are just WRONG, and it's OK to disagree with WRONG ideas if you want your society to survive, thrive.

 

Biden's version of "bipartisanship" is you nicely agree with whatever my cabal has introduced.  That's dumb.  

 

People on the American Left right now basically have zero idea about how a successful society functions and constructs itself, that much is clear.  As they drag their idea structures so much further left, then shout "Partisanship", they're using that word to prevent the dissent of their bad ideas, which will doom our society in the end. 

 

At a minimum, as we're witnessing by their pathetic attempts to "fight the inflation they've caused" by brow-beating OPEC, then foisting the FTC on American Greedy Oil Companies, they are beginning to realize their awful proscripts actually hurt the people they are pretending to help, or else they wouldn't bother with those fumbling actions.  

 

It's not partisanship if the other side just keeps throwing terrible ideas out.  Similarly, the Infrastructure bill is not some "BIPARTISON ACCOMPLISHMENT"...the freaking $550B fund to fix stuff had run dry and they simply doubled the funding since our country is falling apart.  That's just a decent idea.

[Tiberius]

 CNN reports, “In research published Sunday, Morgan Stanley said it thinks US inflation will move ‘decisively lower’ next year while remaining above the Federal Reserve’s 2% target." As a result, “Morgan Stanley predicts that the US economy will expand by 4.6% next year after growing 5.5% in 2021.”

 

https://www.cnn.com/2021/11/15/investing/premarket-stocks-trading/index.html

[OrangeBills]

18 minutes ago, Tiberius said:

 CNN reports, “In research published Sunday, Morgan Stanley said it thinks US inflation will move ‘decisively lower’ next year while remaining above the Federal Reserve’s 2% target." As a result, “Morgan Stanley predicts that the US economy will expand by 4.6% next year after growing 5.5% in 2021.”

 

https://www.cnn.com/2021/11/15/investing/premarket-stocks-trading/index.html

 

Yeah, inflation is a YoY construct, so if the base-effect (comping off a higher 5-6% range from 2021) didn't lower inflation some, then we'd be in deep trouble.  

 

The entire argument about 2021 was that we'd see a burst of inflation in the March-May time-frame as we lapped the downdraft in the Economy from Covid in 2020, but that those higher prices would moderate because of a more reasonable base-effect.  That did not happen, because of Biden's policies, we're now looking at 5-6% levels still here in November.  Next you'd look at two-year stacked comparisons, which will still look dreadful (if you believe in Economics at all) 

 

The scary part could be that the 3-year stacked numbers starting in June/July of 2022 could look really bad, which might lead (as GS suggests) the Fed to lift rates, which would be an absolute calamity causing the markets to crater and jobs to be lost.

[Tiberius]

1 minute ago, OrangeBills said:

 

Yeah, inflation is a YoY construct, so if the base-effect (comping off a higher 5-6% range from 2021) didn't lower inflation some, then we'd be in deep trouble.  

 

The entire argument about 2021 was that we'd see a burst of inflation in the March-May time-frame as we lapped the downdraft in the Economy from Covid in 2020, but that those higher prices would moderate because of a more reasonable base-effect.  That did not happen, because of Biden's policies, we're now looking at 5-6% levels still here in November.  Next you'd look at two-year stacked comparisons, which will still look dreadful (if you believe in Economics at all) 

 

The scary part could be that the 3-year stacked numbers starting in June/July of 2022 could look really bad, which might lead (as GS suggests) the Fed to lift rates, which would be an absolute calamity causing the markets to crater and jobs to be lost.

Nothing to do with Biden. If anything it would be worse if we kept following the non-response of Trump's covid disaster. 

 

 

[B-Man]

 

 

 

                                   

 

 

 

 

 

[OrangeBills]

15 minutes ago, Tiberius said:

Nothing to do with Biden. If anything it would be worse if we kept following the non-response of Trump's covid disaster. 

 

 

 

We know your opinion on this.  I happen to dramatically disagree with that position.  What matters is what a larger number of voting Americans thinks about it.  Right now it's not lookin' so good for your position.  

[Tiberius]

1 minute ago, OrangeBills said:

 

We know your opinion on this.  I happen to dramatically disagree with that position.  What matters is what a larger number of voting Americans thinks about it.  Right now it's not lookin' so good for your position.  

Oh, it's looking fine. Demographics are destiny. We have the long term upper hand  

[B-Man]

ANYONE SURPRISED ?

 

Something very peculiar is happening with our Strategic Petroleum Reserve

by Andrea Widburg

 

It’s no secret that Americans are paying record prices at the gas pumps. 

 

As the name suggests, the SPR is America’s emergency backup supply of oil. Biden is now under pressure to tap the SPR to relieve some of the pressure on fuel prices.

 

(snip)

 

It turns out, though, that Biden is already tapping into the SPR; he’s just not doing it to help Americans. 

 

A report in investment circles is finally trickling down into the mainstream news: Biden is selling massive amounts of SPR oil...to Asia!

 

According to Bloomberg/Quint:

About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler.

 

All three supertankers went to Asia.

 

https://www.bloombergquint.com/markets/record-spr-crude-leaves-u-s-gulf-coast-as-biden-mulls-release

 

https://www.americanthinker.com/blog/2021/11/something_very_peculiar_is_happening_with_our_strategic_petroleum_reserve.html

Edited November 18, 2021 by B-Man

[Doc]

24 minutes ago, Tiberius said:

Nothing to do with Biden. If anything it would be worse if we kept following the non-response of Trump's covid disaster. 

 

Wrong and most people won't see it that way.  The mid-terms will be brutal for the Dems.

 

5 minutes ago, Tiberius said:

Oh, it's looking fine. Demographics are destiny. We have the long term upper hand  

 

Sorry but no one wants Communism.  That's how the Repubs are framing it.

[Chef Jim]

First off I don’t blame inflation on the President however if it lasts long I will.  But I saw this on LinkedIn. It was captioned as shrinkflation.