Bidenomics
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Woman Goes on Rant Over High Gas Prices…but She Doesn’t Blame Who You Think
The Religious Right is responsible for High Gas Prices ....
Biden WH Refuses to Take Responsibility for Inflation, Says Companies Need to Lower Their Prices
On Friday, White House National Economic Council Director Lael Brainard blamed Americans' current financial struggle on companies raising their prices, claiming they are confident with their wages.
NPR Co-host Ari Shapiro pointed out that Americans are unhappy with Biden's economy, saying inflation keeps worsening.
"That has been the case for almost every month of Biden's time in office. How do you account for this disconnect?" Shapiro noted.
"Well, while the jobs picture is very bright, we know that many Americans are worried that some things are not affordable. And that's why the president is focused on fighting to bring down costs for hard-working Americans. For instance, the president believes it just isn't right that prescription drugs are practically unaffordable for many Americans, and that's why he's fighting to lower healthcare costs. He got great legislation to cap insulin costs for seniors at $35 a month. That's down from $400 for many. You know, we also are capping out-of-pocket drug costs for seniors at $2,000 per year. And Medicare has the authority now to negotiate prices, starting with ten drugs next year," Brainard said.
However, Shapiro argued that using insulin as an example does not take into account the majority of Americans.
"We saw a really big jump up in consumer sentiment in the Michigan survey. And I think consumers are very focused on the costs that matter most to them. Health care is a huge affordability issue for so many Americans. But consumers are also tired of being hit by hidden fees. That's why we're cracking down on junk fees in everything from airline ticketing to credit cards to overdraft fees. And it's also really important, now that we have fixed supply chains and input costs are coming down, corporations need to be passing those savings on to consumers. And we think that will go a long way to continuing that increase in consumer sentiment that we saw today," Brainard continued.
‘Bank jackings’ in Chicago see robbers drain victims’ accounts with their phone apps
Zelle is a digital payments network run by a firm owned by banks that include JPMorgan Chase, Wells Fargo and U.S. Bank. Offered by more than 2,100 banks and credit unions, it covers more than 80% of personal and small-business accounts in the United States.
Users enrolled in the Zelle app can send and request money by adding another person’s phone number or email address, a cash amount and a memo showing what the money is for.
Payments typically are then available in minutes, but financial institutions set different limits for how much cash can be transferred each day and month. In 2022, Zelle users sent 2.3 billion payments totaling more than $629 billion.
Other digital payment apps like Venmo and Cash App are operated by tech firms but similarly allow users to transfer money online quickly. Venmo is owned by PayPal. Cash App is owned by Block Inc., a San-Francisco company co-founded by former Twitter chief executive officer Jack Dorsey.
Venmo says it hasn’t seen a significant rise in bank jacking reports, which the payment platform calls a phone-security issue. The company recommends security measures that app users can enable to protect their accounts, like facial recognition, multifactor authentication and a PIN code. If an account is breached, Venmo says, customers should contact its customer service, change their account information, contact their financial institutions and call the police.
Cash App points to its “security lock” feature, which similarly offers layers of security to open the app and transfer cash. When users’ PIN or security settings change, they’re alerted by the company.
extra security does NOTHING when a criminal has a gun stuck in your face.
SamSpade
Well-Known Member
Dear God - I only read the title to think, ahh the Babylon Bee! Damn they’re funny.
These guys just don’t know how it works.
Working as intended ... Clinton Blamed Bush, Obama Blamed Bush, Biden Blames Trump
that and the fact the Environmentalists want and END to OIL USAGE so they are very happy when gas prices are $ 5 bucks a gallon ...
The Biden Administration Has Become Completely Delusional on the Economy
Let's pause there for a moment. Last I checked, it is nearly 2024. Joe Biden has been in office for three years. His policies have been in effect that entire time. If it's "gonna take time" at this point, then those policies are an abject failure.
As to the merits of her argument, inflation is only coming down because it rose to a near-record high due to the president's massive spending binge. Are Americans supposed to be happy that they now get to pay around 20 percent more for the same lifestyle they were living before Biden took office? And no, the macro numbers are not going "as well as anybody could have predicted." We were consistently told inflation would be short-lived and transitory. Instead, it lasted years and became baked into the cake.
That's not the dumbest part of Young's comments, though.
Junk fees. The Biden administration is still talking about flipping junk fees. Do you know what happens when the government tries to get involved at the pricing level of various industries? Overall prices go up. If you tell an airline it can't charge for a carry-on bag anymore, it will simply raise the price of a ticket. If you tell a hotel it can't charge a cancellation fee, the price of a room will increase. This isn't complicated.
We don't need daddy Biden to save us from junk fees. We need him to get out of the way so the economy can recover organically without the cost of rent going up double-digits in just a few years. It's embarrassing to watch an administration become this delusional. It's not "gonna take time." Biden and his handlers have already had time, and they have failed.
SamSpade
Well-Known Member
You know, I read a LOT of leftie news for those who somehow think I rely on FOX for everything. WaPo, NYT, La Times and various links from Drudge (no longer conservative) and the links from RCP.
And I can't get over the constant, constant drumbeat that -
Basically Americans are too stupid to know that their lives are better than they were. Yep. Life is GREAT! Why don't people know that?
BECAUSE it isn't. It's great for YOU - mister editorial writing pundit. Your monthly budget for food is so small compared to everything else, food prices don't affect you. You, who can piss away hundreds on taxis everywhere - the price of gas doesn't affect you. YOU guys - inflation doesn't affect you; high interest rates doesn't affect you. Saving money for college - only to find inflation has wiped out a year or two of savings - it doesn't affect you. YOU - who has enough money to pay for health care with CASH - it's not affecting you.
But - Americans - gas prices are DOWN! Isn't that good. Yes - they are NOT 4-5 dollars a gallon - call me when they're where TRUMP had them. BUT - BUT - inflaction is down! Great - it was - what - 9% a while back.
So - you're bragging that inflation fell to 3.2% for one month? EVERY YEAR has been worse than Trump's.
I used to know a guy who drank a lot of beer, and his wife smoked a lot. Him, just under 3 cases A DAY - his wife, 4-5 packs A DAY.
BUT - they cut back. Him, to ONE CASE A DAY - her, to two packs a day.
This is what it's like - they're trying to brag about something where at the end of the day - it's awful.
And I can't get over the constant, constant drumbeat that -
Basically Americans are too stupid to know that their lives are better than they were. Yep. Life is GREAT! Why don't people know that?
BECAUSE it isn't. It's great for YOU - mister editorial writing pundit. Your monthly budget for food is so small compared to everything else, food prices don't affect you. You, who can piss away hundreds on taxis everywhere - the price of gas doesn't affect you. YOU guys - inflation doesn't affect you; high interest rates doesn't affect you. Saving money for college - only to find inflation has wiped out a year or two of savings - it doesn't affect you. YOU - who has enough money to pay for health care with CASH - it's not affecting you.
But - Americans - gas prices are DOWN! Isn't that good. Yes - they are NOT 4-5 dollars a gallon - call me when they're where TRUMP had them. BUT - BUT - inflaction is down! Great - it was - what - 9% a while back.
| 2016 | 2.10% |
| 2017 | 2.10% |
| 2018 | 1.90% |
| 2019 | 2.30% |
| 2020 | 1.40% |
| 2021 | 7.00% |
| 2022 | 6.50% |
| 2023 (as of February) | 6.00% |
So - you're bragging that inflation fell to 3.2% for one month? EVERY YEAR has been worse than Trump's.
I used to know a guy who drank a lot of beer, and his wife smoked a lot. Him, just under 3 cases A DAY - his wife, 4-5 packs A DAY.
BUT - they cut back. Him, to ONE CASE A DAY - her, to two packs a day.
This is what it's like - they're trying to brag about something where at the end of the day - it's awful.
Clem72
Well-Known Member
Agree with everything you said, but I do get a bit miffed when people get mad at people who promote a low rate today by saying "its still 3% HIGHER than the 20% we got the last 2 years" or some variation. They think they are geniuses telling people that the old inflation is still there under the new. But honestly, who doesn't know that? No liberal has made the claim that a low inflation today makes up for high inflation yesterday. Are people really only going to be happy if we have 20% deftlation?
But, but, but Sam .... Inflation is down they say
but you know as well as I this is the same situation with democrats and the budget a ' cut ' is a reduction in growth NEVER an end to funding an item ... we just give that item less money
volia a cut
SamSpade
Well-Known Member
I do think people don't know that, because for one, this administration is constantly making this case - that they are doing a BETTER job than the previous administration, and distorting the data to make it sound like we are at ZERO inflation. They are bragging that gas prices are DOWN - and my leftie relatives say the same, SOMEHOW ignoring the price it was, under Trump. They keep telling us about the increase in jobs, ignoring the easily provable fact that most of those jobs are in fact, people returning to the jobs they were deliberately shut out of, or lost when their businesses collapsed or the businesses they worked for, did.
The weird ass whisper voice when Biden says "it's WORKING!". I don't know who it's working for - I can only guess the richest people, because wages aren't increasing, household costs have and remain high.
But to your last point - yes, the administration DOES *expect* deflation - that prices are NOW "artificially" high, and need to come back down - that keeping them high is "gouging". They either don't understand how it works, or distort the numbers willfully. Even on a VERY simple level - say - I'm a retailer and spent a LOT MORE for my current inventory - I can't just drop my prices now that inflation is - "lower". For one thing, the adjustment takes time and for another, I have ZERO guarantee that inflation will remain low.
HemiHauler
Well-Known Member
Politicians don’t really understand economics. Nothing new there.
Inflation due to $8T worth of cash awash in the economy will take a while to sop up. Executive Office policies have nothing to do with it. Our Central Planning Office has as one of its mandates to keep a target rate of inflation. Until then, core PCE will be high.
Finally, wage inflation is in fact outpacing core PCE. That is the very reason why rates of interest will stay higher, longer. Rates should stay higher for a very long period of time, but certainly won’t.
These are the challenges of a centrally planned economy.
SamSpade
Well-Known Member
Trump understood at LEAST ONE THING the current crop of greenie leftists don't - this economy runs on oil. Gasoline. Fossil fuels. Dreams of unicorn farts and rainbow dust powering the economy COULD happen - but not for a very long time.
Keep the price of gas down - and everything runs better.
Perhaps - but THIS far, into our mess, has brought us ANOTHER problem - the poorest among us are tapped out on loans and credit cards. Which means, higher interest rates are a drain on their budgets even with NO inflation, because the country is paying huge interest payments as a result. Yeah, I get that loans SHOULD be harder to get, but there's no easy answer.
HemiHauler
Well-Known Member
Nothing wrong with fossil fuels. There’s plenty enough to last several generations out, though some more expensive than others to extract and refine. After that, couldn’t care less; anyone reading this now will be dead.
But in light of that, why, then, did Trump work with OPEC+ to negotiate a production cut, which of course puts upward pressure on retail gas prices?
The answer is a reasonable one: to put our domestic extraction industry to work. A perfectly good thing to do. But our domestic extraction industry has a fairly high break-even point. Technological advances continue to lower that break-even point, but we are still going to see higher retail prices than we think we “should” be paying. A double-edged sword.
But, as Pythagoras taught us, it takes two points to make a straight line and if anyone doesn’t recognize the straight line between Trump’s action and gas prices today, they are just willfully ignorant.
HemiHauler
Well-Known Member
Folks being tapped out on credit is their problem, not mine.
Cheap money is the genesis of the current situation. More cheap money will not solve the issue.
SamSpade
Well-Known Member
Already seen campaign ads on this. It gets votes.
SamSpade
Well-Known Member
I've read stuff recently claiming it is - or was - pretty damned low. It's now hovering around a price of 50 a barrel and could go LOWER.