The only thing surprising about this….
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Whether in office or not, he would have been fully supportive of any existing policy which has caused inflation, and many I’m sure which would have caused even more inflation. But I know we’re not supposed to believe anymore that party affiliation has anything to do with fiscal responsibility because (insert statistic here).
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Look at the global economy, and then look at the US economy.
You can argue Biden is responsible for the difference. Saying he created the entire global mess is giving the distinguished old chap a little too much credit.
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@Jolly said in The only thing surprising about this….:
I do think he has caused it with his policies, energy chief among them.
Most of them haven’t gone into effect (federal drilling) or wouldn’t have been contributing to production yet (keystone). I can’t offhand name any that would have had an actual material impact on supplies.
Can you?
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@Horace said in The only thing surprising about this….:
Whether in office or not, he would have been fully supportive of any existing policy which has caused inflation, and many I’m sure which would have caused even more inflation. But I know we’re not supposed to believe anymore that party affiliation has anything to do with fiscal responsibility because (insert statistic here).
The GOP seems to have lost the path too.
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@jon-nyc said in The only thing surprising about this….:
@Jolly said in The only thing surprising about this….:
I do think he has caused it with his policies, energy chief among them.
Most of them haven’t gone into effect (federal drilling) or wouldn’t have been contributing to production yet (keystone). I can’t offhand name any that would have had an actual material impact on supplies.
Can you?
Just the existence of the leases and exploratory permits help drive the costs down as other oil producing companies respond. And the fracking policies also affects oil futures as well as Natural Gas.
I’m surprised more people aren’t discussing refinery issues, though. That’s a part of this…
The Brad
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@LuFins-Dad Leases are still operable and being signed and renewed. The courts stopped his moratorium before it went into effect.
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@jon-nyc said in The only thing surprising about this….:
@Jolly said in The only thing surprising about this….:
I do think he has caused it with his policies, energy chief among them.
Most of them haven’t gone into effect (federal drilling) or wouldn’t have been contributing to production yet (keystone). I can’t offhand name any that would have had an actual material impact on supplies.
Can you?
You may know finance better than I, but much of any economy is built on public perception and politics. If people are confident, they act differently, they plan differently and they spend differently.
Mr. Biden rapidly lost the confidence of the majority of the American people, particularly the small business people. Without Main Street, there is no Wall Street.
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@jon-nyc said in The only thing surprising about this….:
That’s the equivalent of saying Biden’s mean tweets caused inflation.
And the quadrupling of the money supply was just incidental?
No. But no financial trend is an island. It can be helped or harried, depending on perception and politics.
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@jon-nyc said in The only thing surprising about this….:
That’s the equivalent of saying Biden’s mean tweets caused inflation.
And the quadrupling of the money supply was just incidental?
Of course not.
But he said what he said, "POTUS is responsible."
So... who's been POTUS for the last 14 months?
I'm not saying it's accurate or true, just pointing out
rhetoriccampaigning vs reality. This is what people will remember, with, of course, ads from the opposition. -
“Cry havoc and let slip the DOGE of war!”
Warning: I post things that interest me. Read and comment at your own discretion.
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I am going to step in with my dead horse! 555
The president gets too much credit for the economy when it is going good and too much blame for the economy when it is going bad.
As @Doctor-Phibes said, compare what is happening around the world (inflation, etc) and compare to the US.
As I mentioned in another thread, Thailand experienced its highest inflation in February (pre Ukraine War) since 2008. Psst - people here are not blaming it on President Biden. To many world factors at work.
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“Cry havoc and let slip the DOGE of war!”
Warning: I post things that interest me. Read and comment at your own discretion.
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@Jolly said in The only thing surprising about this….:
You know most Americans don't give a damn about inflation anywhere else.
You don't need to give a damn, but not paying attention to what happens elsewhere is just stupid.
As a general rule of thumb: If X happens everywhere in the world, whether X is good or bad, it isn't primarily caused by something the POTUS did. If X happens much more or much less in the US than everywhere else, then you can reasonably argue about whether POTUS is responsible for it.
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Funny that M1 explosion started around April 2020. Inflation got really pronounced in September 2021.
Back in 1960, Milton Friedman (“inflation is always and everywhere a monetary phenomenon”) studied a few dozen cycles in the US and found a 16 month lag on average between monetary shocks and inflation. But then Biden probably had him write that.
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@Jolly said in The only thing surprising about this….:
You can argue with a fencepost if you wish.
Let’s face it, I am. Your conclusion is emotionally driven, not based on data or reasoning. So attempts to dislodge it through data and reasoning are of course going to be fruitless.
