How did Biden manage to create inflation and high gas prices in other countries?
Just curious how Biden has that much power.
46-50, M
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redredred · M
Among the worlds economies the US economy is like Shaq playing on a high school basketball team. The US has an inordinate impact on other economies particularly so since the dollar is the common reserve currency. The democrats have wildly inflated the dollar over the past two years causing global inflation.
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SomeMichGuy · M
SomeMichGuy · M
TexChik · F
@Burnley123 who cares about Britain ?
Burnley123 · 41-45, M
@SunshineGirl
Economics is only about what impacts my right now. International factors, structural conditions and long-term trends are all irrelevant. And why wouldn't they be?
Can't answer that, can you?
/S
Economics is only about what impacts my right now. International factors, structural conditions and long-term trends are all irrelevant. And why wouldn't they be?
Can't answer that, can you?
/S
SumKindaMunster · 51-55, M
@Burnley123
That's entirely fair and that is true. I don't recall the Democrats having a problem with the stimulus efforts related to Covid 19. My recollection was that it was supported by both parties. Perhaps the amount and details were in conflict, but both parties supported these stimulus efforts.
I also agree with this and do not solely blame Biden for where we find ourselves.
However, the Biden administration has done nothing to ease these pain points, and in fact they have brushed off calls to raise interest rates and start countering the coming inflation up until just this Calendar year. There were many calls from economists that rates needed to go up last year, but they did not.
The question posed was what Biden's responsibilities are to the rising inflation rates and rising oil and gas prices. As previously stated, here are 4 specific administration efforts that took oil off the market, and consequently raised prices even more.
Interesting that your last point seems to be that the war in Ukraine also stoked prices, who but Biden would you hold responsible for pursuing a proxy war in Ukraine?
That's in large part because of the COVID-19 relief spending enacted under Republican Donald Trump's administration with overwhelming Republican support in the Senate. It exceeds what Democrats have allocated so far by roughly $1 trillion.
That's entirely fair and that is true. I don't recall the Democrats having a problem with the stimulus efforts related to Covid 19. My recollection was that it was supported by both parties. Perhaps the amount and details were in conflict, but both parties supported these stimulus efforts.
Republicans also want to blame Biden for the supply-chain shortage that has contributed to inflation.
But experts say the COVID-19 pandemic has disrupted every aspect of the global supply chain, from manufacturing and transportation to logistics, and not only in the United States but worldwide, at a time when the pandemic has also sparked a buying spree
But experts say the COVID-19 pandemic has disrupted every aspect of the global supply chain, from manufacturing and transportation to logistics, and not only in the United States but worldwide, at a time when the pandemic has also sparked a buying spree
I also agree with this and do not solely blame Biden for where we find ourselves.
However, the Biden administration has done nothing to ease these pain points, and in fact they have brushed off calls to raise interest rates and start countering the coming inflation up until just this Calendar year. There were many calls from economists that rates needed to go up last year, but they did not.
The question posed was what Biden's responsibilities are to the rising inflation rates and rising oil and gas prices. As previously stated, here are 4 specific administration efforts that took oil off the market, and consequently raised prices even more.
his administration started cancelling fossil fuel projects in this country, then imposing major sanctions on Russia, then engaging in a proxy war with Russia, and finally publically admonishing the Kingdom of Saud have all caused oil to be removed from the market.
Interesting that your last point seems to be that the war in Ukraine also stoked prices, who but Biden would you hold responsible for pursuing a proxy war in Ukraine?
Burnley123 · 41-45, M
@SumKindaMunster
Does Biden really have control over this or is it the Fed? I understand that it is the Fed but that Presidents can advise them. I've read that Trump was once pissed off that the Fed did not lower-interests rates when he wanted them to. So clearly the Fed can ignore a President's wishes. Interest rates going up has a huge cost on mortgage holders anyway during what are already financially challenging times. I'm not saying it shouldn't be done but that it is no magic bullet.
Putin.
I don't think Trump's policy in Ukraine would have been a lot different anyway. Despite the hype in both sides of your media, I really don't see any differences in foreign policy between the two main parties.
NATO is partly responsible for trying to exert influence in the region. This does not of course forgive - in any way - the barbaric imperialist aggression by the Russians.
On the point of our contention: I don't see people putting forward arguments as to why inflation is international but also Biden's fault. Here in the UK, inflation is even worse. There are reasons for this that are absolutely nothing to do with US politics.
However, the Biden administration has done nothing to ease these pain points, and in fact they have brushed off calls to raise interest rates and start countering the coming inflation up until just this Calendar year. There were many calls from economists that rates needed to go up last year, but they did not.
Does Biden really have control over this or is it the Fed? I understand that it is the Fed but that Presidents can advise them. I've read that Trump was once pissed off that the Fed did not lower-interests rates when he wanted them to. So clearly the Fed can ignore a President's wishes. Interest rates going up has a huge cost on mortgage holders anyway during what are already financially challenging times. I'm not saying it shouldn't be done but that it is no magic bullet.
Interesting that your last point seems to be that the war in Ukraine also stoked prices, who but Biden would you hold responsible for pursuing a proxy war in Ukraine?
Putin.
I don't think Trump's policy in Ukraine would have been a lot different anyway. Despite the hype in both sides of your media, I really don't see any differences in foreign policy between the two main parties.
NATO is partly responsible for trying to exert influence in the region. This does not of course forgive - in any way - the barbaric imperialist aggression by the Russians.
On the point of our contention: I don't see people putting forward arguments as to why inflation is international but also Biden's fault. Here in the UK, inflation is even worse. There are reasons for this that are absolutely nothing to do with US politics.
SumKindaMunster · 51-55, M
@Burnley123 Biden has the power to appoint and fire the Fed chairman, so he has a lot of power there. If the Fed isn't doing what the President wants, he can replace the chairman.
I agree, but feel Trump was a wildcard and I am not sure things would have gone they way they did with Biden in charge.
To be clear, the question was how responsible Biden is for raising oil/gas prices and inflation, and I think he bears some direct responsibility for the 4 things I already mentioned that stoked oil and gas prices, and consequently inflation. The world buys oil in US dollars, every time he spends more money he injects more money into the economy and this deflates the buying power of the dollar and stokes inflation.
I don't think Trump's policy in Ukraine would have been a lot different anyway. Despite the hype in both sides of your media, I really don't see any differences in foreign policy between the two main parties.
NATO is partly responsible for trying to exert influence in the region. This does not of course forgive - in any way - the barbaric imperialist aggression by the Russians.
NATO is partly responsible for trying to exert influence in the region. This does not of course forgive - in any way - the barbaric imperialist aggression by the Russians.
I agree, but feel Trump was a wildcard and I am not sure things would have gone they way they did with Biden in charge.
On the point of our contention: I don't see people putting forward arguments as to why inflation is international but also Biden's fault. Here in the UK, inflation is even worse. There are reasons for this that are absolutely nothing to do with US politics.
To be clear, the question was how responsible Biden is for raising oil/gas prices and inflation, and I think he bears some direct responsibility for the 4 things I already mentioned that stoked oil and gas prices, and consequently inflation. The world buys oil in US dollars, every time he spends more money he injects more money into the economy and this deflates the buying power of the dollar and stokes inflation.
SumKindaMunster · 51-55, M
This is pathetic even for you.
As soon as he took power, his administration started cancelling fossil fuel projects in this country, then imposing major sanctions on Russia, then engaging in a proxy war with Russia, and finally publically admonishing the Kingdom of Saud have all caused oil to be removed from the market.
If something gets scarcer, the price goes up.
How did Biden manage to create inflation and high gas prices in other countries?
As soon as he took power, his administration started cancelling fossil fuel projects in this country, then imposing major sanctions on Russia, then engaging in a proxy war with Russia, and finally publically admonishing the Kingdom of Saud have all caused oil to be removed from the market.
If something gets scarcer, the price goes up.
Budwick · 70-79, M
Poor, poor troll - hasn't a clue about economics.
When government floods the economy with money, the value of the dollar plummets.
What a dollar bought yesterday doesn't cover it anymore.
When a major player in global economics does it - it has the same effect world wide.
You're welcome.
When government floods the economy with money, the value of the dollar plummets.
What a dollar bought yesterday doesn't cover it anymore.
When a major player in global economics does it - it has the same effect world wide.
You're welcome.
SomeMichGuy · M
whowasthatmaskedman · 70-79, M
Burnley123 · 41-45, M
SomeMichGuy · M
@Burnley123 When the chaff winnows itself, that, too, is a win!
Pfuzylogic · M
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NatureGuy77 · 56-60, M
NatureGuy77 · 56-60, M
@Burnley123 Plenty of analysis have linked to his policies. Just none that you subscribe to.
SunshineGirl · 36-40, F
@NatureGuy77 As I remember, there was a very expensive stimulus package introduced by the last, extremely illiberal administration, that involved handouts of public money to all, irrespective of need. The origins of current high inflation and pressures on labour markets throughout the world lie in the boost to consumer spending occasioned by President Trump's economic policy during Covid.
SomeMichGuy · M
@NatureGuy77
NO.
Who started stimulus payments?
See
https://en.m.wikipedia.org/wiki/CARES_Act
To fill you in on ours, it started under a liberal administration providing stimulus
(Emphasis added.)NO.
Who started stimulus payments?
The Coronavirus Aid, Relief, and Economic Security Act,[1] also known as the CARES Act,[2] is [b]a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID disease.[3][4]
(Emphasis added.)Unprecedented in size and scope,[9] the legislation was the largest economic stimulus package in U.S. history,[14] amounting to 10% of total U.S. gross domestic product.[15] The bill is much larger than the $831 billion stimulus act passed in 2009 as part of the response to the Great Recession.[15] The Congressional Budget Office estimates that it will add $1.7 trillion to the deficits over the 2020–2030 period, with nearly all the impact in 2020 and 2021.[16]
(Emphasis added.)See
https://en.m.wikipedia.org/wiki/CARES_Act
ViciDraco · 36-40, M
Naturally, if we'd support Russia in dominating the Ukraine we'd all still have cheap Russian oil. Damn that Biden for standing up against Russian aggression towards a smaller nation. Doesn't he know that might makes right. Small countries should always just surrender to more powerful ones so it doesn't mess with global economics. Money is more important than liberty or human dignity, after all.
ViciDraco · 36-40, M
@trollslayer Multiple reasons really.
1) Trump liked Russia
2) Trump GOP field hated that Ukraine didn't give them dirt on Hunter Biden.
3) The Biden admin is supporting Ukraine so naturally many of them are going to take the other view just to avoid siding with Biden.
4) They are too short-sighted to see the US benefit to supporting a win in Ukraine. McConnell is one of the few with long term thinking and is one of the few that advocates for continued Ukraine support.
5) Yes, I think for many Americans cheap gas would justify abandoning an entire nation.
1) Trump liked Russia
2) Trump GOP field hated that Ukraine didn't give them dirt on Hunter Biden.
3) The Biden admin is supporting Ukraine so naturally many of them are going to take the other view just to avoid siding with Biden.
4) They are too short-sighted to see the US benefit to supporting a win in Ukraine. McConnell is one of the few with long term thinking and is one of the few that advocates for continued Ukraine support.
5) Yes, I think for many Americans cheap gas would justify abandoning an entire nation.
BackyardShaman · 61-69, M
SomeMichGuy · M
@BackyardShaman Hey, they were coasters, napkins, and outhouse toilet paper!
BackyardShaman · 61-69, M
@SomeMichGuy no doubt😂
Fukfacewillie · 56-60, M
Americans' relationship with their Chief Executive is an odd one -- the Founders wanted power spread over three co-equal branches of government, but somehow they also think the President is omnipotent when he belongs to the opposing party.
And then there is the relationship Americans have with facts, or lack thereof. 1000 economists can tell you all about inflationary pressures that have nothing to do with Biden, but because he's a Democrat it won't make any difference to Republicans.
And then there is the relationship Americans have with facts, or lack thereof. 1000 economists can tell you all about inflationary pressures that have nothing to do with Biden, but because he's a Democrat it won't make any difference to Republicans.
Fukfacewillie · 56-60, M
@SumKindaMunster I don't think Biden is at fault for OPEC's decision to cut oil production, but I wish the US was more belligerent to Saudi Arabia. The fist bump was an embarrassment. I am also a huge supporter of the US's support of Ukraine, and don't know if it has impacted gas prices more than the Russian oil ban. I'm not denying that it has, just don't know.
SumKindaMunster · 51-55, M
@Fukfacewillie Ok, well maybe for you its not that big of a deal since you seem to care about larger issues. I think its ridiculous the US is acting "belligerent" to Saudi Arabia. For what? Anything they've done, we've sanctioned and/or supported. There is no reason to piss off allies to virtue signal about ending fossil fuels. We don't need to do that.
Fukfacewillie · 56-60, M
@SumKindaMunster The US has definitely sanctioned and supported, and looked the other way, for oil. And I was okay with that, but didn't love it. Now? Not so much.
BackyardShaman · 61-69, M
SkeetSkeet · 100+, F
Pfuzylogic · M
Roundandroundwego · 61-69
The people here still lack protection against poverty that other countries have.
SW-User
He's Dark Brandon. That's why he has so much power. lol
SomeMichGuy · M
@SW-User F Trump.
calicuz · 56-60, M
It's not about ultimate power, just the power to knock down one domino.