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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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 Well I am here if you wish to discuss. Here's my position:
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.
Biden and his administration have blood on their hands with this. Sure there are other factors here, but you wanna tell me his deliberate policy actions haven't impacted the price of oil/gas and stoked inflation?
Burnley123 · 41-45, M
@SumKindaMunster Thank you. Here is my counter:
https://www.reuters.com/world/us/republicans-blame-biden-inflation-are-they-right-2021-11-01/
For the UK, but relevant internationally:
https://www.bbc.co.uk/news/business-12196322
But the annual inflation rates for dozens and dozens of goods routinely purchased by American households - including food - were already at their highest levels in a decade before Biden entered the White House early this year.
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 money kept household balance sheets intact during the crisis and allowed consumers to keep spending despite double-digit unemployment. Moreover, household savings rocketed to unprecedented levels, providing tinder for more spending on activities like dining out and travel once those became widely available again.
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 money kept household balance sheets intact during the crisis and allowed consumers to keep spending despite double-digit unemployment. Moreover, household savings rocketed to unprecedented levels, providing tinder for more spending on activities like dining out and travel once those became widely available again.
WHAT EFFECT ARE SUPPLY-CHAIN WOES HAVING?
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. The problem is partly due to a decades-old business strategy that aims to keep inventories lean.
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. The problem is partly due to a decades-old business strategy that aims to keep inventories lean.
https://www.reuters.com/world/us/republicans-blame-biden-inflation-are-they-right-2021-11-01/
For the UK, but relevant internationally:
Why are prices rising so fast?
Increased energy prices are a key reason things are getting more expensive. Demand for oil and gas increased because of the end of Covid restrictions. However, the war in Ukraine meant less was available from Russia.
The war in Ukraine also led to food prices going up, by reducing the amount of grain available and pushing up costs.
The price of food and non-alcoholic drinks rose by 14.6% in the year to September.
It hit its highest level since April 1980, with store cupboard staples such as bread, pasta, butter and eggs all seeing a big increase.
Increased energy prices are a key reason things are getting more expensive. Demand for oil and gas increased because of the end of Covid restrictions. However, the war in Ukraine meant less was available from Russia.
The war in Ukraine also led to food prices going up, by reducing the amount of grain available and pushing up costs.
The price of food and non-alcoholic drinks rose by 14.6% in the year to September.
It hit its highest level since April 1980, with store cupboard staples such as bread, pasta, butter and eggs all seeing a big increase.
https://www.bbc.co.uk/news/business-12196322
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.