Supply-Side Economics

[whell]

Originally Posted by Chicks

US economy adds more jobs than expected in November
Data suggests demand for new workers remains strong despite Fed tightening campaign on interest rates

https://www.ft.com/content/85a619b7-...f-ac6f89f8d47e

Slow down, Joe! Your policies are working a bit too well. Just filled up yesterday at Costco: $3.99; gas prices are dropping off a cliff while the economy just keeps humming along. Oh, and rail strike averted. Thanks, Joe! This is what leadership looks like.

Does anyone pay attention to Whell's nonsensical posts? ROFL

Biden has NOTHING to do with falling gas prices:https://www.washingtonpost.com/busin...op-russia-oil/

Even as the plunge in prices at the pump helps fuel a national holiday shopping spree, it is a reflection of the financial strain consumers and businesses are confronting worldwide. Prices are going down because demand for oil and gas is falling as countries brace for recession, coronavirus outbreaks in China threaten major financial disruption and drivers cut back on gas-guzzling as they try to save money to cover skyrocketing mortgage payments and stock market losses.

Take some time to educate yourself and maybe your posts will improve.

Biden and the Dems IMPOSE a contract on the rail unions, and you're cheering that? How authoritarian of you...

[whell]

Actually I should amend the post above: Biden does have a hand in lowering gas prices. Things are getting so expensive that folks are driving less to save a buck.

[Chicks]

The Biden hate is strong in this one. Wonder how happy he'd be if his Dear Leader were re-elected, and, along with the Repugs, took away his Social Security and Medicare (both, of course, enacted by Dem administrations)? It could happen, because of haters just like him. Such a sad bunch.

[finnbow]

Originally Posted by whell

Biden "fixed" the economy alright.

- Historically high inflation
- $4 - $5 dollar a gallon gasoline, up from about $2.40 per gallon when he entered office
- Heating oil prices higher than they've been in a long time
- Negative GDP growth in Q1 and Q2 2022
- Negative wage growth when adjusted for inflation

Thanks Joe!

- Historically high inflation? It was twice as high in the late 1970's and three times as high in 1918 and 1946.
- Gas prices are now about average on an inflation-adjusted basis and were higher several times in the recent past (2008 and 2012) and are heading lower.
- US economic performance post-COVID is the envy of the world.
- More jobs have been created under Biden than any President in history.
- Annual wage growth at the low end of the wage spectrum have been stagnant for over 40 years (~1.4%) while wage growth at the high end has been quite robust (37%).

[finnbow]

Originally Posted by whell

Biden has NOTHING to do with falling gas prices:https://www.washingtonpost.com/busin...op-russia-oil/...

So, when they went up it was Biden's fault, but Biden gets no credit when they come down? The Treasury Dept estimated that the release of hundreds of millions of barrels of oil from the Strategic Reserve reduced gas prices at the pump by $0.40. Now OPEC is talking about releasing more oil after cutting back in the fall to hurt Democrats in the fall election and effective diplomacy by Biden and our allies is by setting a maximum price of $60/barrel for Russian oil. All of these actions helped reduce oil prices.

Biden and the Dems IMPOSE a contract on the rail unions, and you're cheering that? How authoritarian of you...

The Senate vote was 80-15 and the House vote was 290-137 to end the rail strike. Biden didn't impose anything. A strongly bipartisan Congressional vote did.

[Chicks]

Amusing how little Whell knows about history, and the law.

https://www.cnn.com/2022/12/02/busin...ike/index.html

[finnbow]

Originally Posted by Chicks

Amusing how little Whell knows about history, and the law.

https://www.cnn.com/2022/12/02/busin...ike/index.html

He'll never allow facts to get in the way of a good argument.

[whell]

Originally Posted by Chicks

Amusing how little Whell knows about history, and the law.

https://www.cnn.com/2022/12/02/busin...ike/index.html

I'm quite aware of the law. The surprise is that a Prez and party that proclaim to be pro-labor would use this law to impose a contract and circumvent the collective bargaining process.

But hey, if you want to be amused by that, you go right ahead.

[whell]

Originally Posted by finnbow

The Senate vote was 80-15 and the House vote was 290-137 to end the rail strike. Biden didn't impose anything. A strongly bipartisan Congressional vote did.

Most of the news reports I've seen - ABC News, NY Times, Fortune, PBS - used the word "impose". And yes, this imposition is exactly what Biden asked Congress for earlier this week.

[whell]

Originally Posted by finnbow

So, when they went up it was Biden's fault, but Biden gets no credit when they come down? The Treasury Dept estimated that the release of hundreds of millions of barrels of oil from the Strategic Reserve reduced gas prices at the pump by $0.40. Now OPEC is talking about releasing more oil after cutting back in the fall to hurt Democrats in the fall election and effective diplomacy by Biden and our allies is by setting a maximum price of $60/barrel for Russian oil. All of these actions helped reduce oil prices.

Your friends at WaPo disagree with you. Example, your claim about OPEC potentially releasing more oil is counter to this section of the WaPo article:

Another wild card is the OPEC Plus consortium of oil-producing nations, which meets next week to consider how much oil its members should continue to ship in the coming months. The group could decide to cut its output to drive prices up.

“The OPEC meeting could be the skunk at the picnic,” said Andrew Gross, a spokesman for AAA. “Trying to guess what they are going to do is tricky.”