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The New Coffee Room

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  3. Bidenomics At Work

Bidenomics At Work

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  • jon-nycJ jon-nyc

    @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.

    CopperC Offline
    CopperC Offline
    Copper
    wrote on 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

    1 Reply Last reply
    • jon-nycJ Online
      jon-nycJ Online
      jon-nyc
      wrote on last edited by
      #189

      👍

      You were warned.

      1 Reply Last reply
      • taiwan_girlT taiwan_girl

        @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)

        JollyJ Offline
        JollyJ Offline
        Jolly
        wrote on last edited by
        #190

        @taiwan_girl said in Bidenomics At Work:

        @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)

        The refinery I was referring to worked with shale oil. Wasn't familiar with a ULSD refinery. Where's it at and how big is it?

        “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

        taiwan_girlT 1 Reply Last reply
        • JollyJ Jolly

          @taiwan_girl said in Bidenomics At Work:

          @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)

          The refinery I was referring to worked with shale oil. Wasn't familiar with a ULSD refinery. Where's it at and how big is it?

          taiwan_girlT Online
          taiwan_girlT Online
          taiwan_girl
          wrote on last edited by
          #191

          @Jolly It is the Texas International Terminals refinery in Galveston, Texas in the south of the US. It is small for a refinery however.

          But I think that is the only "brand new" refinery to be build in the US recently.

          1 Reply Last reply
          • George KG Offline
            George KG Offline
            George K
            wrote on last edited by
            #192

            https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

            Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

            Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

            As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

            The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

            In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

            "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.

            Doctor PhibesD 1 Reply Last reply
            • George KG George K

              https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

              Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

              Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

              As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

              The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

              In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

              Doctor PhibesD Offline
              Doctor PhibesD Offline
              Doctor Phibes
              wrote on last edited by
              #193

              @George-K said in Bidenomics At Work:

              https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

              Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

              Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

              As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

              The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

              In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

              Oh my God, my daughter will be devastated. That place is her idea of heaven.

              I was only joking

              LuFins DadL 1 Reply Last reply
              • Doctor PhibesD Doctor Phibes

                @George-K said in Bidenomics At Work:

                https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                Oh my God, my daughter will be devastated. That place is her idea of heaven.

                LuFins DadL Offline
                LuFins DadL Offline
                LuFins Dad
                wrote on last edited by
                #194

                @Doctor-Phibes said in Bidenomics At Work:

                @George-K said in Bidenomics At Work:

                https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                Oh my God, my daughter will be devastated. That place is her idea of heaven.

                It’s a restructuring… She’ll be fine. But really? What does she do? Apparel?

                The Brad

                Doctor PhibesD 1 Reply Last reply
                • AxtremusA Offline
                  AxtremusA Offline
                  Axtremus
                  wrote on last edited by
                  #195

                  Sen. Joe Manchin on the American energy policy:

                  https://wapo.st/43jrOol

                  Joe Manchin: Our energy policy is a success. President Biden should be proud.

                  I want to congratulate President Biden for the record-breaking energy production we are seeing in America today. The United States is producing more oil, gas and renewable energy than ever before. We are exporting more fossil fuel energy than we import. Our country has never been more energy-independent than we are today.

                  .
                  This is something to celebrate. And it would not have been possible without the Inflation Reduction Act and the Bipartisan Infrastructure Law that Biden signed. Thanks to these two historic laws, we are unlocking major opportunities throughout the country, implementing an “all-of-the-above” energy strategy that we need today while continuing to innovate the technologies we want for tomorrow.
                  ...

                  1 Reply Last reply
                  • LuFins DadL LuFins Dad

                    @Doctor-Phibes said in Bidenomics At Work:

                    @George-K said in Bidenomics At Work:

                    https://www.cbsnews.com/news/joann-bankruptcy-filing-stores/?ftag=CNM-00-10aab7e&linkId=363930095

                    Fabric and crafts retailer Joann declared bankruptcy on Monday amid spending cutbacks from consumers and higher operating costs. The retail chain said it plans to keep its 800-plus stores open while it works through the restructuring process.

                    Hudson, Ohio-based Joann, which filed for Chapter 11 bankruptcy, reported between $1 billion and $10 billion in debt. In court documents filed Monday, the retailer blamed higher costs from shipping overseas products, as well as waning consumer demand.

                    As part of its bankruptcy, Joann said it has received about $132 million in new financing and expects to reduce its balance sheet's funded debt by about $505 million. The financing is "a significant step forward" to help Joann continue operating its stores, Scott Sekella, Joann's chief financial officer said in a statement.

                    The filing marks the latest in a series of major retailers that have filed for bankruptcy in recent years, including GNC, J.C. Penney and Party City. Brick-and-mortar retailers have struggled as Americans have increasingly shifted their spending to online rivals such as Amazon.com.

                    In Joann's case, the company was buoyed in the early days of the pandemic as the shutdown spurred some consumers to take up crafts and other projects. But during the past two years, Joann's sales have tumbled, with the company blaming consumer cutbacks due to inflation and other economic challenges.

                    Oh my God, my daughter will be devastated. That place is her idea of heaven.

                    It’s a restructuring… She’ll be fine. But really? What does she do? Apparel?

                    Doctor PhibesD Offline
                    Doctor PhibesD Offline
                    Doctor Phibes
                    wrote on last edited by Doctor Phibes
                    #196

                    @LuFins-Dad said in Bidenomics At Work:

                    Oh my God, my daughter will be devastated. That place is her idea of heaven.

                    It’s a restructuring… She’ll be fine. But really? What does she do? Apparel?

                    She makes cosplay outfits for herself and her friends, dresses for herself, random projects like hats. Some of them are really good. She made a couple of hundred bucks selling cuddly toy things she'd made at college on Valentine's Day. It's also a good mental-health activity. The problem, as with everything she does, is she's a perfectionist, and when things don't go quite right things can get quite fraught.

                    I was only joking

                    LuFins DadL 1 Reply Last reply
                    • Doctor PhibesD Doctor Phibes

                      @LuFins-Dad said in Bidenomics At Work:

                      Oh my God, my daughter will be devastated. That place is her idea of heaven.

                      It’s a restructuring… She’ll be fine. But really? What does she do? Apparel?

                      She makes cosplay outfits for herself and her friends, dresses for herself, random projects like hats. Some of them are really good. She made a couple of hundred bucks selling cuddly toy things she'd made at college on Valentine's Day. It's also a good mental-health activity. The problem, as with everything she does, is she's a perfectionist, and when things don't go quite right things can get quite fraught.

                      LuFins DadL Offline
                      LuFins DadL Offline
                      LuFins Dad
                      wrote on last edited by
                      #197

                      @Doctor-Phibes said in Bidenomics At Work:

                      @LuFins-Dad said in Bidenomics At Work:

                      Oh my God, my daughter will be devastated. That place is her idea of heaven.

                      It’s a restructuring… She’ll be fine. But really? What does she do? Apparel?

                      She makes cosplay outfits for herself and her friends, dresses for herself, random projects like hats. Some of them are really good. She made a couple of hundred bucks selling cuddly toy things she'd made at college on Valentine's Day. It's also a good mental-health activity. The problem, as with everything she does, is she's a perfectionist, and when things don't go quite right things can get quite fraught.

                      That’s great!

                      The Brad

                      1 Reply Last reply
                      • LuFins DadL LuFins Dad

                        I get new brakes every 40k-50K (pads and rotors). Last set was November of 2022. $640. Getting a new set right now. $965.

                        JollyJ Offline
                        JollyJ Offline
                        Jolly
                        wrote on last edited by
                        #198

                        @LuFins-Dad said in Bidenomics At Work:

                        I get new brakes every 40k-50K (pads and rotors). Last set was November of 2022. $640. Getting a new set right now. $965.

                        Just saw this one. Car are getting more finicky, but pads&rotors for something like a 2018 Camry are less than 300 bucks (ceramic pads). It's the labor that has gotten ridiculous.

                        Last week I had to have the fuel pump and sending unit put in my GMC. Like most stuff, they either dropped the tank or pulled the bed to replace the part. I also had a couple of wires with mouse damage, so they fixed that. Cost? $1000 with the tax.

                        “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
                        • RenaudaR Renauda referenced this topic on
                        • AxtremusA Offline
                          AxtremusA Offline
                          Axtremus
                          wrote on last edited by
                          #199

                          Another strong, very strong, job report for March 2024:

                          https://www.cnn.com/2024/04/05/economy/us-jobs-report-march-final/index.html

                          Employers added 303,000 jobs in March, the Bureau of Labor Statistics reported. The unemployment rate fell to 3.8% from 3.9% the month before.
                          ...
                          Annual wage gains slowed to 4.1% from 4.3%, a trajectory likely welcomed by the Federal Reserve in its efforts to tame inflation but yet a still-strong rate to help Americans recapture earnings that were decimated by the pandemic and high inflation.
                          ...
                          Last month’s job growth was driven by industries such as health care (+72,300 jobs); government (+71,000 jobs); leisure and hospitality (+49,000 jobs); and construction (+39,000 jobs).
                          .
                          The current US job market is also one of the strongest, historically: The economy has added jobs for 39 consecutive months, marking the fifth-longest period of job expansion on record, BLS data shows. The unemployment rate has been below 4% for 26 months in a row, the longest streak since the late 1960s.

                          Chart from the Washington Post:
                          Screenshot 2024-04-05 at 11.39.25 AM.png
                          Source: https://www.washingtonpost.com/business/2024/04/05/jobs-march-unemployment-rate/

                          JollyJ 1 Reply Last reply
                          • HoraceH Offline
                            HoraceH Offline
                            Horace
                            wrote on last edited by
                            #200

                            Job market is garbage according to boots on the ground here.

                            Education is extremely important.

                            1 Reply Last reply
                            • George KG Offline
                              George KG Offline
                              George K
                              wrote on last edited by
                              #201

                              image.jpeg

                              "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
                              • George KG Offline
                                George KG Offline
                                George K
                                wrote on last edited by
                                #202

                                image.jpeg

                                "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.

                                LuFins DadL 1 Reply Last reply
                                • George KG George K

                                  image.jpeg

                                  LuFins DadL Offline
                                  LuFins DadL Offline
                                  LuFins Dad
                                  wrote on last edited by
                                  #203

                                  @George-K said in Bidenomics At Work:

                                  image.jpeg

                                  Thanks again.

                                  The Brad

                                  1 Reply Last reply
                                  • LuFins DadL Offline
                                    LuFins DadL Offline
                                    LuFins Dad
                                    wrote on last edited by LuFins Dad
                                    #204

                                    https://pro.thestreet.com/market-commentary/theres-a-serious-catch-in-the-jobs-report-and-no-one-is-talking-about-it

                                    There is a serious catch within the job creation numbers, though, which is not really being discussed this morning across the financial media.** Part-time jobs showed a massive increase of 525K for March, up from an increase of 107K in February. That means that full-time jobs were lost on a net basis in March.** Even using the Household print, full-time jobs decreased by 27K in March. Using Non-Farm Payrolls... the U.S. economy lost 222K full-time jobs in March..

                                    As to the racial demographics of March labor, Whites or Caucasians saw no change in their unemployment rate, while both Asians and Hispanics or Latinos made significant gains. However, Black or African American unemployment soared from 5.6% in February to 6.4% in March..

                                    The Brad

                                    1 Reply Last reply
                                    • HoraceH Offline
                                      HoraceH Offline
                                      Horace
                                      wrote on last edited by
                                      #205

                                      As to the racial demographics of March labor, Whites or Caucasians saw no change in their unemployment rate, while both Asians and Hispanics or Latinos made significant gains.

                                      I get what they're trying to say there, but how frustrating is it that someone would write "significant gains in unemployment rate", and mean the rate went down?

                                      Education is extremely important.

                                      1 Reply Last reply
                                      • JollyJ Offline
                                        JollyJ Offline
                                        Jolly
                                        wrote on last edited by
                                        #206

                                        Yeah, but I want the revision of the revision of the March numbers before passing judgement.

                                        “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
                                        • George KG Offline
                                          George KG Offline
                                          George K
                                          wrote on last edited by
                                          #207

                                          https://committeetounleashprosperity.com/hotlines/part-time-nation/


                                          he new job numbers for March were strong with 300,000 jobs added in the establishment survey and 500,000 in the household survey. But those positive headline numbers camouflage a very disturbing trend in the labor market. Almost all of the new jobs on the net are part-timers. That means a part-time paycheck.

                                          Stock market advisor Stephanie Pomboy of MacroMavens has analyzed the number and reports that in the last four months, the labor market has LOST 1.8 million full-time jobs.

                                          Here is a handy summary for the past year:

                                          Overall payrolls up 1.9%
                                          Part-time jobs up 7.5%
                                          Full-time jobs down -1.35%
                                          How many of the 300,000 jobs are double counting people holding TWO jobs?

                                          image.png

                                          "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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