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The New Coffee Room

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  3. Bidenomics At Work

Bidenomics At Work

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  • L LuFins Dad
    8 Mar 2024, 19:50

    @George-K said in Bidenomics At Work:

    As I mentioned in another thread, my condominium insurance went up over 30% from last year.

    Screenshot 2024-03-08 at 1.29.42 PM.png

    Those greedy fucking grocery stores!

    G Offline
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    George K
    wrote on 8 Mar 2024, 19:51 last edited by
    #169

    @LuFins-Dad said in Bidenomics At Work:

    Those greedy fucking grocery stores!

    And the condo got smaller! Shrinkflation, Goddammit!

    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

    1 Reply Last reply
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      LuFins Dad
      wrote on 8 Mar 2024, 21:16 last edited by
      #170

      The point is, @Axtremus , the administration can put out whatever dubious jobs numbers they want and revise them 3 months later. That doesn't change the fact that the guy that has been laid off and is now working part-time and just had to get new brakes for $300 more and just saw his insurance go up 30% isn't going to be feeling great about the economy right now.

      The Brad

      A 1 Reply Last reply 8 Mar 2024, 21:24
      • L LuFins Dad
        8 Mar 2024, 21:16

        The point is, @Axtremus , the administration can put out whatever dubious jobs numbers they want and revise them 3 months later. That doesn't change the fact that the guy that has been laid off and is now working part-time and just had to get new brakes for $300 more and just saw his insurance go up 30% isn't going to be feeling great about the economy right now.

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        Axtremus
        wrote on 8 Mar 2024, 21:24 last edited by
        #171

        @LuFins-Dad , the BLS has been using the same methodology to assess employment statistics and the same methodology to revise the statistics for a very long time. The BLS employment statistics you see from the current administration is no more or less misleading that those from the previous administration or the one before that.

        1 Reply Last reply
        • L Offline
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          LuFins Dad
          wrote on 8 Mar 2024, 22:06 last edited by
          #172

          Revisions have always been a monthly occurrence. However, those revisions have always been ~ 5%, and were revised upwards as well as downward. Since Biden’s administration began, the revisions are typically ~20%, as much as 30%, and are almost always revised downwards. It’s a joke.

          The Brad

          1 Reply Last reply
          • A Axtremus
            8 Mar 2024, 14:09

            https://www.usatoday.com/story/money/2024/03/08/february-jobs-report/72883297007/

            Jobs report: Economy added stronger-than-expected 275,000 jobs in February (2024)

            39 months of consecutive job growth!

            Unemployment rate ticked up to 3.9%

            J Offline
            J Offline
            Jolly
            wrote on 8 Mar 2024, 23:43 last edited by
            #173

            @Axtremus said in Bidenomics At Work:

            https://www.usatoday.com/story/money/2024/03/08/february-jobs-report/72883297007/

            Jobs report: Economy added stronger-than-expected 275,000 jobs in February (2024)

            39 months of consecutive job growth!

            Unemployment rate ticked up to 3.9%

            Damn, that's a lot of part-time jobs!

            “Cry havoc and let slip the DOGE of war!”

            Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

            L 1 Reply Last reply 8 Mar 2024, 23:49
            • J Jolly
              8 Mar 2024, 23:43

              @Axtremus said in Bidenomics At Work:

              https://www.usatoday.com/story/money/2024/03/08/february-jobs-report/72883297007/

              Jobs report: Economy added stronger-than-expected 275,000 jobs in February (2024)

              39 months of consecutive job growth!

              Unemployment rate ticked up to 3.9%

              Damn, that's a lot of part-time jobs!

              L Offline
              L Offline
              LuFins Dad
              wrote on 8 Mar 2024, 23:49 last edited by
              #174

              @Jolly said in Bidenomics At Work:

              @Axtremus said in Bidenomics At Work:

              https://www.usatoday.com/story/money/2024/03/08/february-jobs-report/72883297007/

              Jobs report: Economy added stronger-than-expected 275,000 jobs in February (2024)

              39 months of consecutive job growth!

              Unemployment rate ticked up to 3.9%

              Damn, that's a lot of part-time jobs!

              That used to be full time…

              The Brad

              1 Reply Last reply
              • J jon-nyc
                4 Nov 2023, 15:47

                There have been 7 downward revisions and 1 upward revisions through August.

                In 2022 there were 7 upward revisions and 5 down.

                In 2021 there were 11 upward revisions and 1 downwards.

                So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

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                Axtremus
                wrote on 9 Mar 2024, 00:05 last edited by
                #175

                @jon-nyc said in Bidenomics At Work:

                There have been 7 downward revisions and 1 upward revisions through August.

                In 2022 there were 7 upward revisions and 5 down.

                In 2021 there were 11 upward revisions and 1 downwards.

                So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

                @LuFins-Dad FYI ☝

                1 Reply Last reply
                • J jon-nyc
                  28 Aug 2023, 17:41

                  We’re setting oil production records under Biden.

                  U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. to keep its title as the No. 1 global crude oil producer.

                  But what about federal lands?

                  In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.

                  T Offline
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                  taiwan_girl
                  wrote on 12 Mar 2024, 01:54 last edited by
                  #176

                  @jon-nyc said in Bidenomics At Work:

                  We’re setting oil production records under Biden.

                  U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. to keep its title as the No. 1 global crude oil producer.

                  But what about federal lands?

                  In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.

                  And record production continues. Gosh darn President Biden!!!!

                  https://energynow.com/2024/03/u-s-leads-global-oil-production-for-sixth-straight-year-eia/

                  U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday.

                  In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said.

                  “The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row,” the EIA added.

                  The EIA says it is unlikely that the record will be broken by another country in the near term.

                  T 1 Reply Last reply 15 Aug 2024, 02:15
                  • G Offline
                    G Offline
                    George K
                    wrote on 13 Mar 2024, 16:31 last edited by
                    #177

                    https://www.nbcnews.com/business/business-news/family-dollar-closing-nearly-1000-stores-where-why-rcna143148?cid=sm_npd_nn_tw_ma&taid=65f1c688215c780001f4b6dc&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter

                    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                    1 Reply Last reply
                    • J Offline
                      J Offline
                      Jolly
                      wrote on 13 Mar 2024, 17:36 last edited by
                      #178

                      BTW, since we're producing oil at an unheard of rate under The Rez, why has gas gone up 60/gallon cents in 60 days?

                      “Cry havoc and let slip the DOGE of war!”

                      Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                      T 1 Reply Last reply 15 Mar 2024, 01:11
                      • J Jolly
                        13 Mar 2024, 17:36

                        BTW, since we're producing oil at an unheard of rate under The Rez, why has gas gone up 60/gallon cents in 60 days?

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                        taiwan_girl
                        wrote on 15 Mar 2024, 01:11 last edited by
                        #179

                        @Jolly said in Bidenomics At Work:

                        BTW, since we're producing oil at an unheard of rate under The Rez, why has gas gone up 60/gallon cents in 60 days?

                        "Refinery utilization."

                        One example:
                        https://www.reuters.com/business/energy/power-loss-forces-bp-shut-biggest-us-midwest-refinery-2024-02-02/

                        A friend of a friend was telling me what a nightmare that will be to restart that refinery. It is many many years old, and has been revamped and changed, etc. Probably never fully shut down in 50 years.

                        1 Reply Last reply
                        • J Offline
                          J Offline
                          Jolly
                          wrote on 15 Mar 2024, 03:26 last edited by
                          #180

                          Ma'am, I don't think we down here, get a pint of gas from that refinery.

                          “Cry havoc and let slip the DOGE of war!”

                          Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                          T 1 Reply Last reply 15 Mar 2024, 15:11
                          • J Jolly
                            15 Mar 2024, 03:26

                            Ma'am, I don't think we down here, get a pint of gas from that refinery.

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                            taiwan_girl
                            wrote on 15 Mar 2024, 15:11 last edited by
                            #181

                            @Jolly Exactly, so to replace the gas that is lost because of the shutting down of that refinery, it comes from other refineries, like those close to you.

                            Supply decreases. Demand no change. Prices increase.

                            1 Reply Last reply
                            • J Offline
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                              Jolly
                              wrote on 15 Mar 2024, 17:55 last edited by
                              #182

                              But, but, Mr. Biden is producing lots of petroleum!

                              “Cry havoc and let slip the DOGE of war!”

                              Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                              1 Reply Last reply
                              • T Offline
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                                taiwan_girl
                                wrote on 16 Mar 2024, 15:43 last edited by
                                #183

                                LOL. @jolly. I think you are stretching a bit to blame the higher gas prices on President Biden.

                                Its like me saying that it is all President Trump's fault that he did not get more refineries built when he was president. That is what is the current cause of the short refinery ultiltization.

                                Im sure that @Renauda probably has better insight on capacity and demand in oil market.

                                1 Reply Last reply
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                                  Axtremus
                                  wrote on 16 Mar 2024, 17:09 last edited by
                                  #184

                                  If you want new refineries "now" the time to start building them was 4~5 years ago.

                                  J J 2 Replies Last reply 16 Mar 2024, 19:33
                                  • A Axtremus
                                    16 Mar 2024, 17:09

                                    If you want new refineries "now" the time to start building them was 4~5 years ago.

                                    J Offline
                                    J Offline
                                    Jolly
                                    wrote on 16 Mar 2024, 19:33 last edited by
                                    #185

                                    @Axtremus said in Bidenomics At Work:

                                    If you want new refineries "now" the time to start building them was 4~5 years ago.

                                    Marathon was built in 1977. The next U.S. refinery was permitted and built during the Trump Administration.

                                    Is Mr. Resident permitting any new refineries?

                                    “Cry havoc and let slip the DOGE of war!”

                                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                    T 1 Reply Last reply 17 Mar 2024, 02:14
                                    • J Jolly
                                      16 Mar 2024, 19:33

                                      @Axtremus said in Bidenomics At Work:

                                      If you want new refineries "now" the time to start building them was 4~5 years ago.

                                      Marathon was built in 1977. The next U.S. refinery was permitted and built during the Trump Administration.

                                      Is Mr. Resident permitting any new refineries?

                                      T Offline
                                      T Offline
                                      taiwan_girl
                                      wrote on 17 Mar 2024, 02:14 last edited by
                                      #186

                                      @Jolly said in Bidenomics At Work:

                                      built during the Trump Administration.

                                      Started up in 2022, due the overall guidance of President Biden. LOL

                                      The reason the refinery was construct was to make ULSD (Ultra low sulfur diesel) for ships. The requirement for ULSD for ships was passed in during President Obama term, so we can say that he was responsible for this building of the refinery. (Even though the sulfur requirement is an international requirement)

                                      (My point is that it is a stretch to say that one president or another is solely responsible for high/low gas prices. There is so so much out of their control)

                                      J 1 Reply Last reply 17 Mar 2024, 21:49
                                      • A Axtremus
                                        16 Mar 2024, 17:09

                                        If you want new refineries "now" the time to start building them was 4~5 years ago.

                                        J Offline
                                        J Offline
                                        jon-nyc
                                        wrote on 17 Mar 2024, 03:06 last edited by
                                        #187

                                        @Axtremus said in Bidenomics At Work:

                                        If you want new refineries "now" the time to start building them was 4~5 years ago.

                                        Probably more like 20 years ago or more. We don’t like to build things anymore.

                                        Thank you for your attention to this matter.

                                        C 1 Reply Last reply 17 Mar 2024, 13:20
                                        • J jon-nyc
                                          17 Mar 2024, 03:06

                                          @Axtremus said in Bidenomics At Work:

                                          If you want new refineries "now" the time to start building them was 4~5 years ago.

                                          Probably more like 20 years ago or more. We don’t like to build things anymore.

                                          C Offline
                                          C Offline
                                          Copper
                                          wrote on 17 Mar 2024, 13:20 last edited by Copper
                                          #188

                                          @jon-nyc said in Bidenomics At Work:

                                          We don’t like to build things anymore.

                                          Front page this morning.

                                          Demand growing for subs, workers

                                          Newport News Shipbuilding hiring thousands as Navy’s needs continue to rise

                                          By Caitlyn Burchett Staff writer

                                          As the demand for nuclear-powered submarines increases, Newport News Shipbuilding said it’s working to hire 3,000 skilled trades workers this year and a total of 19,000 within the decade.

                                          https://enewspaper.dailypress.com/html5/desktop/production/default.aspx?pubid=f5d212d2-1993-47fc-8d61-7dad92f77671&edid=3ca73816-70fe-4ae5-856c-42fcef7a74e2

                                          a9367f9f-9163-482c-a696-c468fbe93d3b-image.png

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