President Biden's first term in office

[Cyclops]

Thats a familiar story from my own country, nominally antitheti al administrations end up forcing up prices for the legacy energy sector, while renewable players spend a great deal of effort crippling other renewable players and they all game the incentive system.

The barely functioning president is possibly less in control than the Orange jdiot,but neither is particularly to blame. I mean complacent voters tolerating superdelegates, superpacs and the undemoratic two party system must take their share too.

[swabian]

Biden is really a huge disappointment, period. If I was a US citizen (which actually might happen one day when I'm forced to move to Alaska due to ever worsening heat waves), I would have voted for him in favor of Trump, definitely. And I would now be really infuriated. What am I saying there. I AM infuriated.

Biden's American Rescue Plan after the bipartisan infrastructure deal that already amounted to spending in the trillions was absolutely irresponsible. I knew it back then and I'm now absolutely confident that this was a big mistake. This administration can't blame everything on corona and the war in Ukraine! Inflation was already showing signs of a serious surge before the war even began. If those horribly timed spending plans would have been postponed just a presidential tenure, everything would be fine and we wouldn't have to fear a global recession now. I wanna punch Biden in the dick for that. It's being estimated, that the inflation would be 2%-4% lower without those rushed spending plans.

[PointOfViewGun]

Why is investing in infrastructure a big mistake? The infrastructure of USA in general is its biggest risk factor.

[swabian]

Read again, I said it's the wrong timing. This should have come 2024 or something, not directly after corona hit and caused a big arse supply shortage and workforce shortage. Investing in infrastructure was a basically a good idea, but neither party paid attention to the rising inflation (because senators and congressmen/-women are all millionaires who don't give a damn). As Biden took over, it was basically Janet Yelen's gross underestimation of the inflation situation that made it all worse and on top of that came the war in Ukraine and the Chinese struggling with their economy that's build on quicksand. Yelen is a total disgrace, but eventually it's Biden's responsibility.

[PointOfViewGun]

You seem to be riding the idea that spending automatically equals inflation. It does not. Inflation concerning construction, however, does affect Biden's bill. You seem to be looking at it backwards.

[swabian]

Totally unwarranted assumption. Spending money in the trillions in that short amount of time can't be financed by tax raises (which is also deadly for political elections) and almost solely relies on intensifying the FED's strategy of quantitative easing, which means the rapid increment of money supply (money "printing"), (edit: ) i.e. by creating more debt to be paid off in the far future by younger generations. This came on top of the supply shortage and worsened the inflation caused by it substantially. I did not make this up, do your own research, if you care.

[PointOfViewGun]

Well, you kinda did make it up as the bill does not envision spending trillions of dollars in a short amount of time. The bill concerns 1.2 trillion dollars and only 550 billion dollars of that is new spending. The bill spans a period of 8 years. We really need to do our own research...

[swabian]

Well, you kinda did make it up as the bill does not envision spending trillions of dollars in a short amount of time. The bill concerns 1.2 trillion dollars and only 550 billion dollars of that is new spending. The bill spans a period of 8 years. We really need to do our own research...

Both bills are long term long term spending processes, but the liquidity for them had to be amassed in a short amount of time. The companies that need to do the infrastructure improvements (as an example analogous to all others) want to have enough safety with their direct and indirect government contracts. This can only be done by amassing an enormous amount of liquidity in a short amount of time and there is (as far as governments are concerned) only the methods of fund raising by tax raising or by taking up debts. This is a fact as plain as day.

[PointOfViewGun]

Both bills are long term long term spending processes, but the liquidity for them had to be amassed in a short amount of time. The companies that need to do the infrastructure improvements (as an example analogous to all others) want to have enough safety with their direct and indirect government contracts. This can only be done by amassing an enormous amount of liquidity in a short amount of time and there is (as far as governments are concerned) only the methods of fund raising by tax raising or by taking up debts. This is a fact as plain as day.

Right... That's certainly not your attempt to avoid acknowledging your claims falling flat about this spending bill...

[swabian]

You're trolling. Hahha. very funny.

[Pontifex Maximus]

I would love to see a breakdown as to where all the trillions of dollars we have printed since 2019 have gone. Maybe someone willing to defend the poorly named "American Rescue Plan" would enlighten me.

In other Biden show related news, it seems he has sold us out yet again. This will of course be ignored or worse, explained away as necessary to maintain "The Liberal World Order."

[PointOfViewGun]

I would love to see a breakdown as to where all the trillions of dollars we have printed since 2019 have gone. Maybe someone willing to defend the poorly named "American Rescue Plan" would enlighten me.

Here is the study from the NYT on the breakdown of 5 trillion dollars of pandemic stimulus:

In other Biden show related news, it seems he has sold us out yet again. This will of course be ignored or worse, explained away as necessary to maintain "The Liberal World Order."

So, 5 million barrels in a month going to Asia and Europe with a million barrels being released into USA a day, per your own source, means that Biden sold us out? How?

[Pontifex Maximus]

I'm going to need a much tighter accounting, especially for the "other" category I will give you the benefit of the doubt and rephrase: where did those dollars go and what did they do? Vague categorical assignments, well that's just lame.

How is Biden sending our strategic oil reserves to foreigners not selling us out when gas prices are at the highest point in our entire history? When your family is down to dipping into emergency funds just to survive, you don't donate any portion of it to some vague charity.

I mean honestly, your arguments are worse than satire at this point.

[PointOfViewGun]

I'm going to need a much tighter accounting, especially for the "other" category I will give you the benefit of the doubt and rephrase: where did those dollars go and what did they do? Vague categorical assignments, well that's just lame.

You can read the article yourself for your own betterment. You know very well the article goes to much more detail yet you chose to argue as if they merely created those top-level categorization and then called it a day. We all know better.

How is Biden sending our strategic oil reserves to foreigners not selling us out when gas prices are at the highest point in our entire history? When your family is down to dipping into emergency funds just to survive, you don't donate any portion of it to some vague charity.
I mean honestly, your arguments are worse than satire at this point.

I understand that you realized the lack of merit of your position from step one that you resort to such hysteria. For you to pass judgment on my arguments requires me to make an argument. I asked you a question. Clearly, you fail to articulate your claim. I sense a lack of understanding on how prices are determined in a free market that governs regions like USA, Europe and much of Asia. Releasing a fraction of the oil compared to what is released into USA to contribute to easing the oil market is a quite hysterical argument for calling Biden a sell out.

[swabian]

Here is the study from the NYT on the breakdown of 5 trillion dollars of pandemic stimulus:






So, 5 million barrels in a month going to Asia and Europe with a million barrels being released into USA a day, per your own source, means that Biden sold us out? How?

This just shows how the spending is structured.

It does not account for:
- The US trade deficit.
- Inflation.
- GDP losses due to recession (and yes, the technical criteria for recession in the US are fulfilled btw).

[Pontifex Maximus]

You can read the article yourself for your own betterment. You know very well the article goes to much more detail yet you chose to argue as if they merely created those top-level categorization and then called it a day. We all know better.

Where did the "other" go? 10% for the big guy?

I understand that you realized the lack of merit of your position from step one that you resort to such hysteria. For you to pass judgment on my arguments requires me to make an argument. I asked you a question. Clearly, you fail to articulate your claim.

Oh blah blah blah, yes, me so dumb, me don't know argument.

I sense a lack of understanding on how prices are determined in a free market that governs regions like USA, Europe and much of Asia. Releasing a fraction of the oil compared to what is released into USA to contribute to easing the oil market is a quite hysterical argument for calling Biden a sell out.

Explain to me how giving away oil from our emergency reserves to foreign countries lowers gas prices in the US. Since you know how it works and I don't.

[swabian]

Explain to me how giving away oil from our emergency reserves to foreign countries lowers gas prices in the US. Since you know how it works and I don't.

It does only in the short term.

[Coughdrop addict]

Biden is barely responsible for himself, let alone for rising energy prices. If, as and when the economy recovers, it will be in spite, not because, of interference from the Democrats and others.

Well, whoever is making the decisions is doing a far better job than Trump, so I say keep him in charge.

(spoiler: It's Biden, you just don't want to admit it.)

Biden’s repeated pandering to the Green Movement by closing pipelines and refusing new drilling permits is only bringing the price of gasoline further up by hamstringing production.

Whoever told you that was lying to you: https://www.washingtonpost.com/clima...biden-climate/

[Cope]

Well, whoever is making the decisions is doing a far better job than Trump, so I say keep him in charge.

(spoiler: It's Biden, you just don't want to admit it.)

Most of the good decisions regarding the economy are made by private citizens participating in the market. There is a need for govt to maintain a rules-based system which curbs exploitation, but since the outbreak of COVID, excessive state meddling has contributed to a variety of crises, principally regarding the cost of living. Democrats don't get points for the economy surviving their damaging political interference.

Good luck convincing the populous of Biden's alleged economic genius, though.

Spoiler Alert, click show to read: 

https://apnorc.org/projects/bipartisan-dissatisfaction-with-the-direction-of-the-country-and-the-economy/

Whoever told you that was lying to you: https://www.washingtonpost.com/clima...biden-climate/

This is the second time this article has been cited and misrepresented. It discusses the Biden administration's attempt (via executive order) to suspend (not expand) oil and gas leasing. The order was blocked in court. Thus, the "record" oil/gas lease sales (which so far as I know refers only to the off-shore New Mexico sale which was itself blocked by activist litigation) being bragged about are happening in spite of Biden, not, as claimed, because of him.

Here is the relevant excerpt from the EO in question:

Sec. 208. Oil and Natural Gas Development on Public Lands and in Offshore Waters. To the extent consistent with applicable law, the Secretary of the Interior shall pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review and reconsideration of Federal oil and gas permitting and leasing practices in light of the Secretary of the Interior’s broad stewardship responsibilities over the public lands and in offshore waters, including potential climate and other impacts associated with oil and gas activities on public lands or in offshore waters.

https://en.wikisource.org/wiki/Executive_Order_on_Tackling_the_Climate_Crisis_at_Home_and_Abroad

[PointOfViewGun]

Explain to me how giving away oil from our emergency reserves to foreign countries lowers gas prices in the US. Since you know how it works and I don't.

One way is to ease demand in a price effecting market, aka Europe and Asia but especially Europe. Prices behaves differently with respect to demand and that behavior affects other regions differently. Europe is a very important market and with the Russian threats/actions the demand have been exasperated. This is not a contained demand. With free trade and markets being deeply integrated, firms in USA will keep pricing their goods taking into account what is offered in Europe. In such an environment, easing the demand in Europe, through showing that there are other options in times of need, where a small amount can make a noticeable difference, albeit in the short run, can also help ease the prices in USA.