Your first sentence is correct. The rest of it, not so much. Any economist who blames a current President for the economy is a fool. Summers got sh!tcanned out of his Harvard with a vote of No Confidence, because he was an idiot. Summers has a minority opinion, and he's wrong.
This is interesting. You seem to be making the argument that Presidents are not responsible for the economy. Who or what is responsible, then?
For the record, I disagree. Remember when the economy stalled in Obama's second term? His supporters used your argument (if I'm reading it correctly), bur Obama himself blamed George W Bush. Which massively undercuts the argument.
And...go easy on Summers, please. Advisor's who say things that leaders don't want to hear are valuable. Summers was kicked out of Harvard for suggesting that there were fewer women in STEM due to fundamental differences between men and women. Pundit George Will had my favorite take: "He thought he was speaking in a place that valued freedom of expression. He was wrong, as his words were spoken on a college campus."
1) The CURRENT state of the economy is almost without exception NEVER the result of the current President. That reality is even more true for a President who hasn't been in office for very long. We live in a global economy. The US President has very little power in an immediate way to affect the economy one way or the other. The Fed has more power there than the sitting US President. Even when a President implements a policy that is designed to affect the economy, it rarely does much, and then if it DOES do much, it often takes a long time for that policy to affect the economy...by which time usually a new President is in office.
2) I disagree with your assessment that the economy stalled at all under Obama. Obama saw almost unfettered growth and progress from October of his first year in office until he handed things over to the Orange Menace. The stock market boomed under Obama, jobs were had, GDP growth was steady. Obama inherited an economic mess, and the unemployment rate (which is a lagging indicator) crept up to 10% by Oct. of his first year. It then steadily declined all the way to under 5% (which is considered full employment) by the time he handed the reigns to Trump. These are just facts. Do not misunderstand. I give Obama NO credit for any of that. We were in the Great Recession at the end of Bush's term, so there was no where to go but up. Obama was the beneficiary of that.
3) Partisans will always blame a President they don't like for the economy and credit one they do for the economy, and their view of the economy will be skewed depending who is in office. In 2020, we have had high inflation and high gas prices. I paid over $5 a gallon in Ohio in the summer for gas. It is now at $2.79 in my town. Did Biden cause the spike in gas prices? Is he responsible for them now coming down? Same with inflation in general. High inflation in 2022, but it is now coming down. Do you give Biden credit for that? If so, you are foolish. Inflation is going down simply because time is passing...we are moving away from the event that caused it.
4) And no, Summers deserves no going easy on. Harvard kicked his ass to the curb for a few things. He's not a good person, and he is wrong about what he is saying about the economy. If I were to guess, I would say he doesn't even believe what he's saying right now. He just recognizes there's an audience for his nonsense, and that audience doesn't care about his bad behavior.
This is interesting. You seem to be making the argument that Presidents are not responsible for the economy. Who or what is responsible, then?
For the record, I disagree. Remember when the economy stalled in Obama's second term? His supporters used your argument (if I'm reading it correctly), bur Obama himself blamed George W Bush. Which massively undercuts the argument.
And...go easy on Summers, please. Advisor's who say things that leaders don't want to hear are valuable. Summers was kicked out of Harvard for suggesting that there were fewer women in STEM due to fundamental differences between men and women. Pundit George Will had my favorite take: "He thought he was speaking in a place that valued freedom of expression. He was wrong, as his words were spoken on a college campus."
1) The CURRENT state of the economy is almost without exception NEVER the result of the current President. That reality is even more true for a President who hasn't been in office for very long. We live in a global economy. The US President has very little power in an immediate way to affect the economy one way or the other. The Fed has more power there than the sitting US President. Even when a President implements a policy that is designed to affect the economy, it rarely does much, and then if it DOES do much, it often takes a long time for that policy to affect the economy...by which time usually a new President is in office.
2) I disagree with your assessment that the economy stalled at all under Obama. Obama saw almost unfettered growth and progress from October of his first year in office until he handed things over to the Orange Menace. The stock market boomed under Obama, jobs were had, GDP growth was steady. Obama inherited an economic mess, and the unemployment rate (which is a lagging indicator) crept up to 10% by Oct. of his first year. It then steadily declined all the way to under 5% (which is considered full employment) by the time he handed the reigns to Trump. These are just facts. Do not misunderstand. I give Obama NO credit for any of that. We were in the Great Recession at the end of Bush's term, so there was no where to go but up. Obama was the beneficiary of that.
3) Partisans will always blame a President they don't like for the economy and credit one they do for the economy, and their view of the economy will be skewed depending who is in office. In 2020, we have had high inflation and high gas prices. I paid over $5 a gallon in Ohio in the summer for gas. It is now at $2.79 in my town. Did Biden cause the spike in gas prices? Is he responsible for them now coming down? Same with inflation in general. High inflation in 2022, but it is now coming down. Do you give Biden credit for that? If so, you are foolish. Inflation is going down simply because time is passing...we are moving away from the event that caused it.
4) And no, Summers deserves no going easy on. Harvard kicked his ass to the curb for a few things. He's not a good person, and he is wrong about what he is saying about the economy. If I were to guess, I would say he doesn't even believe what he's saying right now. He just recognizes there's an audience for his nonsense, and that audience doesn't care about his bad behavior.
1) You did not answer my question, which was: who or what is responsible for the state of the economy?
2) We can agree to disagree, and the assessment doesn't really matter. Obama was criticized for his handling of the economy from 2008-2012. He did blame his predecessor. The "facts" you cite really don't matter, as they are being used to buttress claims that are a matter of opinion. Here is an example that I hope you find illustrative: Jimmy Carter added more jobs during his time in office than Obama (and, I believe, Bush...and it's possible that he added more than both). ) Was the economy good during Carter's term? Most people don't think so. We'll get further if we set aside our preferences.
3) I voted for Obama. Twice. I still don't approve of his handling of the economy. I would sum up his Presidency by pointing out that he spent almost all of his political capital instituting government-funded Healthcare for a wider group of Americans. Have health outcomes improved since? I don't think so. But the point I'm trying to make is that your use of the term "partisan" doesn't do any real work here. Am I partisan if I regret my vote? Or criticize our current leader? In what sense is a criticism or judgment valid, then?
***I need to catch my breath***
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy). Now...we finally agree on something. I *am* foolish. I could be running right now, instead I chose this. I think what happens with inflation is anybodies guess...but I'm more partial to Summers than anyone else when placing my bet because he isn't afraid to say things that are controversial.
4) I'm not going to convert you on Summers, but I feel very differently about the man. I think that you are out of line to suggest that he "isn't a good person." Based on...? Here is at least one nice thing he did: while mentoring Sheryl Sandberg of "Lean In" fame, they found themselves in the same hotel room in the early hours of the morning. Sandberg was tired and wanted to make her way back to her room. Summer's cautioned her that, if she left his room in the middle of the night, people would assume they were having an affair. I can't remember how this incident was resolved, but this is a bright and shining example of his care and concern for other people when their reputation was on the line.
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy).
If biden affected oil prices, it's like a 10 on a scale of 100.
the biggest factor is that oil companies decided not to invest in finding new oil. They were absolutely devastated by shareholder in the decade leading up to the war for having such low returns on capital. So oil companies decided to stop investing to make their return on capital go up. That's probably half.
Another 25% of the problem is a lack of refineries. Refineries and very old and expensive and companies have decided that spending billions to fix or build new ones isn't worthwhile given the likely declining use of gasoline. Also enviro rules which most people favor.
the rest is a mishmash of stuff.
Hard to see biden being that much of a factor. the main fault lies with the oil companies and their investors for being too conservative.
1) The CURRENT state of the economy is almost without exception NEVER the result of the current President. That reality is even more true for a President who hasn't been in office for very long. We live in a global economy. The US President has very little power in an immediate way to affect the economy one way or the other. The Fed has more power there than the sitting US President. Even when a President implements a policy that is designed to affect the economy, it rarely does much, and then if it DOES do much, it often takes a long time for that policy to affect the economy...by which time usually a new President is in office.
2) I disagree with your assessment that the economy stalled at all under Obama. Obama saw almost unfettered growth and progress from October of his first year in office until he handed things over to the Orange Menace. The stock market boomed under Obama, jobs were had, GDP growth was steady. Obama inherited an economic mess, and the unemployment rate (which is a lagging indicator) crept up to 10% by Oct. of his first year. It then steadily declined all the way to under 5% (which is considered full employment) by the time he handed the reigns to Trump. These are just facts. Do not misunderstand. I give Obama NO credit for any of that. We were in the Great Recession at the end of Bush's term, so there was no where to go but up. Obama was the beneficiary of that.
3) Partisans will always blame a President they don't like for the economy and credit one they do for the economy, and their view of the economy will be skewed depending who is in office. In 2020, we have had high inflation and high gas prices. I paid over $5 a gallon in Ohio in the summer for gas. It is now at $2.79 in my town. Did Biden cause the spike in gas prices? Is he responsible for them now coming down? Same with inflation in general. High inflation in 2022, but it is now coming down. Do you give Biden credit for that? If so, you are foolish. Inflation is going down simply because time is passing...we are moving away from the event that caused it.
4) And no, Summers deserves no going easy on. Harvard kicked his ass to the curb for a few things. He's not a good person, and he is wrong about what he is saying about the economy. If I were to guess, I would say he doesn't even believe what he's saying right now. He just recognizes there's an audience for his nonsense, and that audience doesn't care about his bad behavior.
1) You did not answer my question, which was: who or what is responsible for the state of the economy?
2) We can agree to disagree, and the assessment doesn't really matter. Obama was criticized for his handling of the economy from 2008-2012. He did blame his predecessor. The "facts" you cite really don't matter, as they are being used to buttress claims that are a matter of opinion. Here is an example that I hope you find illustrative: Jimmy Carter added more jobs during his time in office than Obama (and, I believe, Bush...and it's possible that he added more than both). ) Was the economy good during Carter's term? Most people don't think so. We'll get further if we set aside our preferences.
3) I voted for Obama. Twice. I still don't approve of his handling of the economy. I would sum up his Presidency by pointing out that he spent almost all of his political capital instituting government-funded Healthcare for a wider group of Americans. Have health outcomes improved since? I don't think so. But the point I'm trying to make is that your use of the term "partisan" doesn't do any real work here. Am I partisan if I regret my vote? Or criticize our current leader? In what sense is a criticism or judgment valid, then?
***I need to catch my breath***
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy). Now...we finally agree on something. I *am* foolish. I could be running right now, instead I chose this. I think what happens with inflation is anybodies guess...but I'm more partial to Summers than anyone else when placing my bet because he isn't afraid to say things that are controversial.
4) I'm not going to convert you on Summers, but I feel very differently about the man. I think that you are out of line to suggest that he "isn't a good person." Based on...? Here is at least one nice thing he did: while mentoring Sheryl Sandberg of "Lean In" fame, they found themselves in the same hotel room in the early hours of the morning. Sandberg was tired and wanted to make her way back to her room. Summer's cautioned her that, if she left his room in the middle of the night, people would assume they were having an affair. I can't remember how this incident was resolved, but this is a bright and shining example of his care and concern for other people when their reputation was on the line.
1) No one person is responsible for the economy. The economy is affected by war, disease, supply chain issues, changing demographics (Boomers retiring and dying WOLRDWIDE), and sometimes very temporarily by a world leader who may threaten war or sweeping economic action.
2) Obama was vilified for his handling of the economy...that is true. ALL Presidents are vilified over their handling of the economy, because that's what opponents of any given President will do...because that's a hot button issue for voters - "It's the economy, stupid." It was incorrect to do so. Obama inherited the worst economic situation in my lifetime (NOT Bush's fault by the way), and he did nothing to muck up the recovery. We went from losing hundreds of thousands of jobs monthly to job growth during Obama's term. The Dow bottomed at ~6,400 in March of Obama's first year, and it was at just under 18,000 at the end of his presidency. The Dow went up in 7 of Obama's 8 years and the one year it went down, it was down just 2.23%. In 2016, his last year in office, the Dow went up 13.42%.
3) You are just flat wrong about Biden and gas prices. The gas price spike was due to inflation caused by the pandemic mostly. Biden appeased Democrats by not giving out more permits for drilling on government land. Empty move. Political move, but it did nothing other than make some know-nothing environmentalists continue to like him. US oil companies have more than 9,100 permits that they aren't using, and it's not because of anything Biden has said or done. The US is going electric. The car companies are following suit. Biden didn't create that demand and action by car companies. Electric vehicles have superior performance. People want the convenience of charging the car at their home. Americans especially want the latest and greatest, and internal combustion engines isn't it. With your stance on Biden and gas prices, how to you explain that I can fill up for $2.79 a gallon in my town today when it was over $5 a gallon in the summer? Has Biden changed his stance on oil? Has he opened up more federal land for drilling? Your view on this is just wrong.
4) Summers is a fool, your irrelevant story about him notwithstanding. You should not like someone just because they say something that is controversial. There has to be truth in what is said, and Summers is just wrong...well again, what he is SAYING is wrong. I'm not sure he 100% believes what he's saying. He's performing for an audience that is willing to eat his crap up.
You SHOULD go for a run. You aren't good at this economy discussion stuff.
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy).
If biden affected oil prices, it's like a 10 on a scale of 100.
the biggest factor is that oil companies decided not to invest in finding new oil. They were absolutely devastated by shareholder in the decade leading up to the war for having such low returns on capital. So oil companies decided to stop investing to make their return on capital go up. That's probably half.
Another 25% of the problem is a lack of refineries. Refineries and very old and expensive and companies have decided that spending billions to fix or build new ones isn't worthwhile given the likely declining use of gasoline. Also enviro rules which most people favor.
the rest is a mishmash of stuff.
Hard to see biden being that much of a factor. the main fault lies with the oil companies and their investors for being too conservative.
It's (the stuff you bolded) a crap comment...an ignorant comment. How is it that Biden was responsible for $5+ a gallon gas here in Ohio in the summer, but now the price has dropped to $2.79? Did he change his opinions, comments, or actions on oil? Nope! The market has changed. Has NOTHING to do with Joe Biden.
Maxine Waters, a recipient of SBF political donations, is leading the investigation into FTX, and meanwhile telling him how awesome he is on Twitter. 🤦♂️
Maxine Walters (D), Chairwoman of the House Financial Services Committee, has applauded SBF for his willingness to talk to the public
His public speaking "helps the company's customers, investors, and others"
Those $70M in political donates sure are paying off
Last yr, Democratic Rep. Maxine Waters was blowing kisses to FTX fraudster Sam Bankman-Fried after he donated millions of dollars to Democratic candidates. Now, Waters is set to be the one leading the FTX investigation. This is how Washington “WORKS”. pic.twitter.com/9I22QGd8iW
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy).
If biden affected oil prices, it's like a 10 on a scale of 100.
the biggest factor is that oil companies decided not to invest in finding new oil. They were absolutely devastated by shareholder in the decade leading up to the war for having such low returns on capital. So oil companies decided to stop investing to make their return on capital go up. That's probably half.
Another 25% of the problem is a lack of refineries. Refineries and very old and expensive and companies have decided that spending billions to fix or build new ones isn't worthwhile given the likely declining use of gasoline. Also enviro rules which most people favor.
the rest is a mishmash of stuff.
Hard to see biden being that much of a factor. the main fault lies with the oil companies and their investors for being too conservative.
It's (the stuff you bolded) a crap comment...an ignorant comment. How is it that Biden was responsible for $5+ a gallon gas here in Ohio in the summer, but now the price has dropped to $2.79? Did he change his opinions, comments, or actions on oil? Nope! The market has changed. Has NOTHING to do with Joe Biden.
The market works to counter his stupidity.
Gas was much cheaper pre-COVID and is still much higher than it was when diaper boy took office.
This doesn't even consider the rampant inflation diaper boy caused by printing money and spending it on stupid things.
Gas is much more expensive and your money is worth less.
Biden literally just swung the midterms by promising to print money and give it to deadbeats who don't want to pay their own school loans.
Unfortunately, it worked because these are the dumbest people in America... but on the bright side the courts shot down his scam and I won't have to pay these losers' loans off.
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy).
If biden affected oil prices, it's like a 10 on a scale of 100.
the biggest factor is that oil companies decided not to invest in finding new oil. They were absolutely devastated by shareholder in the decade leading up to the war for having such low returns on capital. So oil companies decided to stop investing to make their return on capital go up. That's probably half.
Another 25% of the problem is a lack of refineries. Refineries and very old and expensive and companies have decided that spending billions to fix or build new ones isn't worthwhile given the likely declining use of gasoline. Also enviro rules which most people favor.
the rest is a mishmash of stuff.
Hard to see biden being that much of a factor. the main fault lies with the oil companies and their investors for being too conservative.
With all due respect, any argument that anyone encounters but does not agree with is going to race to "mishmash" status. You have answered some pretty tough and pointed questions, which has really helped me understand how you think. I can't be held responsible for how people perceive what I post, and, fwiw, I know it would help to curtail verbosity.
Hey, there is at least some overlap in our beliefs, because what you wrote does lay at least some blame at Biden's feet. I'm working from the premise that leadership matters, leaders matter, and what leaders do when crafting policy matters the most. But, if pressed, I would say that economies are shaped primarily by market forces. Leaders don't control that, but they absolutely do respond to those forces with policy. The policy then becomes a test of leadership.
What don't you like about Biden? I'll share something I do like about him: he's had a political career with amazing longevity, has survived more tragedy than almost any other President I can think of besides Lincoln, and, does seem to have his moral house in order.
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy).
If biden affected oil prices, it's like a 10 on a scale of 100.
the biggest factor is that oil companies decided not to invest in finding new oil. They were absolutely devastated by shareholder in the decade leading up to the war for having such low returns on capital. So oil companies decided to stop investing to make their return on capital go up. That's probably half.
Another 25% of the problem is a lack of refineries. Refineries and very old and expensive and companies have decided that spending billions to fix or build new ones isn't worthwhile given the likely declining use of gasoline. Also enviro rules which most people favor.
the rest is a mishmash of stuff.
Hard to see biden being that much of a factor. the main fault lies with the oil companies and their investors for being too conservative.
With all due respect, any argument that anyone encounters but does not agree with is going to race to "mishmash" status. You have answered some pretty tough and pointed questions, which has really helped me understand how you think. I can't be held responsible for how people perceive what I post, and, fwiw, I know it would help to curtail verbosity.
Hey, there is at least some overlap in our beliefs, because what you wrote does lay at least some blame at Biden's feet. I'm working from the premise that leadership matters, leaders matter, and what leaders do when crafting policy matters the most. But, if pressed, I would say that economies are shaped primarily by market forces. Leaders don't control that, but they absolutely do respond to those forces with policy. The policy then becomes a test of leadership.
What don't you like about Biden? I'll share something I do like about him: he's had a political career with amazing longevity, has survived more tragedy than almost any other President I can think of besides Lincoln, and, does seem to have his moral house in order.
What don't I like about Biden?
He's not a good communicator. He can't stand up there and tell Americans what's going on and what his plan is and have it be moving and energetic. Politicians need to be able to rally the population and he is really bad that that.
That's the main fault and it's why he failed so many times when running for president.
He's also just too old...he does have senior moments and that's not cool. He's fine 90% of the time but you can see that once in a while he isn't quite all there.
He's prone to exaggeration, which crosses the line to lying sometimes. I mean 1/100th of Trump, but he'll too often resort to extremes rather than a more truthful description.
But all in all he is a good president. Utterly scandal free, hires great people, has led the nation well through covid and Ukraine, has been an absolute wonder working with congress, and you can tell he really wants the best for the nation and is trying.
More than six months since the Palestinian American journalist Shireen Abu Akleh was killed while reporting in the occupied West Bank, "there is still no acc...
1) No one person is responsible for the economy. The economy is affected by war, disease, supply chain issues, changing demographics (Boomers retiring and dying WOLRDWIDE), and sometimes very temporarily by a world leader who may threaten war or sweeping economic action.
2) Obama was vilified for his handling of the economy...that is true. ALL Presidents are vilified over their handling of the economy, because that's what opponents of any given President will do...because that's a hot button issue for voters - "It's the economy, stupid." It was incorrect to do so. Obama inherited the worst economic situation in my lifetime (NOT Bush's fault by the way), and he did nothing to muck up the recovery. We went from losing hundreds of thousands of jobs monthly to job growth during Obama's term. The Dow bottomed at ~6,400 in March of Obama's first year, and it was at just under 18,000 at the end of his presidency. The Dow went up in 7 of Obama's 8 years and the one year it went down, it was down just 2.23%. In 2016, his last year in office, the Dow went up 13.42%.
3) You are just flat wrong about Biden and gas prices. The gas price spike was due to inflation caused by the pandemic mostly. Biden appeased Democrats by not giving out more permits for drilling on government land. Empty move. Political move, but it did nothing other than make some know-nothing environmentalists continue to like him. US oil companies have more than 9,100 permits that they aren't using, and it's not because of anything Biden has said or done. The US is going electric. The car companies are following suit. Biden didn't create that demand and action by car companies. Electric vehicles have superior performance. People want the convenience of charging the car at their home. Americans especially want the latest and greatest, and internal combustion engines isn't it. With your stance on Biden and gas prices, how to you explain that I can fill up for $2.79 a gallon in my town today when it was over $5 a gallon in the summer? Has Biden changed his stance on oil? Has he opened up more federal land for drilling? Your view on this is just wrong.
4) Summers is a fool, your irrelevant story about him notwithstanding. You should not like someone just because they say something that is controversial. There has to be truth in what is said, and Summers is just wrong...well again, what he is SAYING is wrong. I'm not sure he 100% believes what he's saying. He's performing for an audience that is willing to eat his crap up.
You SHOULD go for a run. You aren't good at this economy discussion stuff.
If I fail to meet your standards of logic and reason, that's probably a pretty good indication that continuing this discussion is pointless. I do agree with your assessment: I should be running right now.
You are absolutely right about everything you wrote...as far as you are concerned. I've already told you that I can't convince you to question your sincerely held beliefs, but I do want to thank you and anyone else who has responded to my posts. Think we might be a little closer to understanding our own views, at least.
Biden absolutely effected gas prices. 1) vilified fossil fuels, restricted drilling for oil on US land, and promoted a green agenda that isn't ready for prime time, 2) he was extremely slow to react to rising gas prices...until his political legacy was on the line and he tapped the strategic reserves, 3) he started a proxy war with Russia and stopped buying Russian oil...then had the nerve to call it "Putin's price hike." Likewise, he us responsible for the price coming down (first by endangering our national security by tapping the reserves, then copying up to MBS, and finally by using his pulpit to claim that oil company's were being greedy).
If biden affected oil prices, it's like a 10 on a scale of 100.
the biggest factor is that oil companies decided not to invest in finding new oil. They were absolutely devastated by shareholder in the decade leading up to the war for having such low returns on capital. So oil companies decided to stop investing to make their return on capital go up. That's probably half.
Another 25% of the problem is a lack of refineries. Refineries and very old and expensive and companies have decided that spending billions to fix or build new ones isn't worthwhile given the likely declining use of gasoline. Also enviro rules which most people favor.
the rest is a mishmash of stuff.
Hard to see biden being that much of a factor. the main fault lies with the oil companies and their investors for being too conservative.
With all due respect, any argument that anyone encounters but does not agree with is going to race to "mishmash" status. You have answered some pretty tough and pointed questions, which has really helped me understand how you think. I can't be held responsible for how people perceive what I post, and, fwiw, I know it would help to curtail verbosity.
Hey, there is at least some overlap in our beliefs, because what you wrote does lay at least some blame at Biden's feet. I'm working from the premise that leadership matters, leaders matter, and what leaders do when crafting policy matters the most. But, if pressed, I would say that economies are shaped primarily by market forces. Leaders don't control that, but they absolutely do respond to those forces with policy. The policy then becomes a test of leadership.
What don't you like about Biden? I'll share something I do like about him: he's had a political career with amazing longevity, has survived more tragedy than almost any other President I can think of besides Lincoln, and, does seem to have his moral house in order.
People with their "moral house(s) in order" don't produce multiple children who are sex and drug addicts.
They certainly don't have those sex addicted drug addicts saying they were molested by them as Biden's daughter has claimed.
Biden doesn't have a genuine bone in his body. He's been lying to manipulate whoever he's with for so long he has no idea he's lying any more. This is how he can so easily lie about the death of his son. He doesn't know he's being shamelessly disgusting when he does it. He's just doing what he's always done.
1) No one person is responsible for the economy. The economy is affected by war, disease, supply chain issues, changing demographics (Boomers retiring and dying WOLRDWIDE), and sometimes very temporarily by a world leader who may threaten war or sweeping economic action.
2) Obama was vilified for his handling of the economy...that is true. ALL Presidents are vilified over their handling of the economy, because that's what opponents of any given President will do...because that's a hot button issue for voters - "It's the economy, stupid." It was incorrect to do so. Obama inherited the worst economic situation in my lifetime (NOT Bush's fault by the way), and he did nothing to muck up the recovery. We went from losing hundreds of thousands of jobs monthly to job growth during Obama's term. The Dow bottomed at ~6,400 in March of Obama's first year, and it was at just under 18,000 at the end of his presidency. The Dow went up in 7 of Obama's 8 years and the one year it went down, it was down just 2.23%. In 2016, his last year in office, the Dow went up 13.42%.
3) You are just flat wrong about Biden and gas prices. The gas price spike was due to inflation caused by the pandemic mostly. Biden appeased Democrats by not giving out more permits for drilling on government land. Empty move. Political move, but it did nothing other than make some know-nothing environmentalists continue to like him. US oil companies have more than 9,100 permits that they aren't using, and it's not because of anything Biden has said or done. The US is going electric. The car companies are following suit. Biden didn't create that demand and action by car companies. Electric vehicles have superior performance. People want the convenience of charging the car at their home. Americans especially want the latest and greatest, and internal combustion engines isn't it. With your stance on Biden and gas prices, how to you explain that I can fill up for $2.79 a gallon in my town today when it was over $5 a gallon in the summer? Has Biden changed his stance on oil? Has he opened up more federal land for drilling? Your view on this is just wrong.
4) Summers is a fool, your irrelevant story about him notwithstanding. You should not like someone just because they say something that is controversial. There has to be truth in what is said, and Summers is just wrong...well again, what he is SAYING is wrong. I'm not sure he 100% believes what he's saying. He's performing for an audience that is willing to eat his crap up.
You SHOULD go for a run. You aren't good at this economy discussion stuff.
If I fail to meet your standards of logic and reason, that's probably a pretty good indication that continuing this discussion is pointless. I do agree with your assessment: I should be running right now.
You are absolutely right about everything you wrote...as far as you are concerned. I've already told you that I can't convince you to question your sincerely held beliefs, but I do want to thank you and anyone else who has responded to my posts. Think we might be a little closer to understanding our own views, at least.
1) No one person is responsible for the economy. The economy is affected by war, disease, supply chain issues, changing demographics (Boomers retiring and dying WOLRDWIDE), and sometimes very temporarily by a world leader who may threaten war or sweeping economic action.
2) Obama was vilified for his handling of the economy...that is true. ALL Presidents are vilified over their handling of the economy, because that's what opponents of any given President will do...because that's a hot button issue for voters - "It's the economy, stupid." It was incorrect to do so. Obama inherited the worst economic situation in my lifetime (NOT Bush's fault by the way), and he did nothing to muck up the recovery. We went from losing hundreds of thousands of jobs monthly to job growth during Obama's term. The Dow bottomed at ~6,400 in March of Obama's first year, and it was at just under 18,000 at the end of his presidency. The Dow went up in 7 of Obama's 8 years and the one year it went down, it was down just 2.23%. In 2016, his last year in office, the Dow went up 13.42%.
3) You are just flat wrong about Biden and gas prices. The gas price spike was due to inflation caused by the pandemic mostly. Biden appeased Democrats by not giving out more permits for drilling on government land. Empty move. Political move, but it did nothing other than make some know-nothing environmentalists continue to like him. US oil companies have more than 9,100 permits that they aren't using, and it's not because of anything Biden has said or done. The US is going electric. The car companies are following suit. Biden didn't create that demand and action by car companies. Electric vehicles have superior performance. People want the convenience of charging the car at their home. Americans especially want the latest and greatest, and internal combustion engines isn't it. With your stance on Biden and gas prices, how to you explain that I can fill up for $2.79 a gallon in my town today when it was over $5 a gallon in the summer? Has Biden changed his stance on oil? Has he opened up more federal land for drilling? Your view on this is just wrong.
4) Summers is a fool, your irrelevant story about him notwithstanding. You should not like someone just because they say something that is controversial. There has to be truth in what is said, and Summers is just wrong...well again, what he is SAYING is wrong. I'm not sure he 100% believes what he's saying. He's performing for an audience that is willing to eat his crap up.
You SHOULD go for a run. You aren't good at this economy discussion stuff.
If I fail to meet your standards of logic and reason, that's probably a pretty good indication that continuing this discussion is pointless. I do agree with your assessment: I should be running right now.
You are absolutely right about everything you wrote...as far as you are concerned. I've already told you that I can't convince you to question your sincerely held beliefs, but I do want to thank you and anyone else who has responded to my posts. Think we might be a little closer to understanding our own views, at least.
I am right about everything I wrote, period...no qualification. Your idea that a sitting President DOES greatly affect the economy is wrong.
I noticed you didn't answer the question about gas prices. If Biden was responsible for gas prices going up like they did in the summer as you contend, why aren't the prices still super high? Has he changed his ideas on oil and talked about that? NO! Has he made any policy changes that did that? NO! (well, he did release from the strategic oil reserves, but that had little effect and also was met with criticism from the right). If he has the power you say he does, what has he done to make gas prices in Ohio go from over $5 a gallon in June to $2.79 a gallon now? No need to answer here...you just think about that. You've got lots of thinking to do. Take your time.
With all due respect, any argument that anyone encounters but does not agree with is going to race to "mishmash" status. You have answered some pretty tough and pointed questions, which has really helped me understand how you think. I can't be held responsible for how people perceive what I post, and, fwiw, I know it would help to curtail verbosity.
Hey, there is at least some overlap in our beliefs, because what you wrote does lay at least some blame at Biden's feet. I'm working from the premise that leadership matters, leaders matter, and what leaders do when crafting policy matters the most. But, if pressed, I would say that economies are shaped primarily by market forces. Leaders don't control that, but they absolutely do respond to those forces with policy. The policy then becomes a test of leadership.
What don't you like about Biden? I'll share something I do like about him: he's had a political career with amazing longevity, has survived more tragedy than almost any other President I can think of besides Lincoln, and, does seem to have his moral house in order.
What don't I like about Biden?
He's not a good communicator. He can't stand up there and tell Americans what's going on and what his plan is and have it be moving and energetic. Politicians need to be able to rally the population and he is really bad that that.
That's the main fault and it's why he failed so many times when running for president.
He's also just too old...he does have senior moments and that's not cool. He's fine 90% of the time but you can see that once in a while he isn't quite all there.
He's prone to exaggeration, which crosses the line to lying sometimes. I mean 1/100th of Trump, but he'll too often resort to extremes rather than a more truthful description.
But all in all he is a good president. Utterly scandal free, hires great people, has led the nation well through covid and Ukraine, has been an absolute wonder working with congress, and you can tell he really wants the best for the nation and is trying.
This^ is a fair assessment and also indicative of how Democrats aren't fanboys and we see flaws in our leaders. I would say also that he needs to stop trying to be cool. Obama is cool. Biden is not cool. You can't fake cool.
The main thing though about Biden is that he pushed Trump out of office. EVERYTHING else (and there's a lot actually) is just gravy. Remember when Biden told Trump to shut up on national television and then took his job? That's all that was required of him. Mission accomplished.
If I fail to meet your standards of logic and reason, that's probably a pretty good indication that continuing this discussion is pointless. I do agree with your assessment: I should be running right now.
You are absolutely right about everything you wrote...as far as you are concerned. I've already told you that I can't convince you to question your sincerely held beliefs, but I do want to thank you and anyone else who has responded to my posts. Think we might be a little closer to understanding our own views, at least.
I am right about everything I wrote, period...no qualification. Your idea that a sitting President DOES greatly affect the economy is wrong.
I noticed you didn't answer the question about gas prices. If Biden was responsible for gas prices going up like they did in the summer as you contend, why aren't the prices still super high? Has he changed his ideas on oil and talked about that? NO! Has he made any policy changes that did that? NO! (well, he did release from the strategic oil reserves, but that had little effect and also was met with criticism from the right). If he has the power you say he does, what has he done to make gas prices in Ohio go from over $5 a gallon in June to $2.79 a gallon now? No need to answer here...you just think about that. You've got lots of thinking to do. Take your time.
The President can impact the stock market with a single tweet.
If you think policy or simply even the threat of policy can't impact the markets you're a fool.
The US has the highest inflation in the G7 and among the highest in the G20. Biden policies are the reason.
When you print money out of thin air and immediately waste it it causes inflation.
When you campaign on destroying the fossil fuel industry it makes it harder for the fossil fuel industry to do business.
Who in their right mind would spend the BILLIONS it takes to open a refinery in an environment where Democrats are declaring gas powered cars will be illegal to sell in less than 2 decades and the president is promising to end the oil industry??
No one who's had 45 seconds of education in economics would claim you can have a president that attacks the supply AND demand curve of a market at the same time and have it be inconsequential to that industry.
Pretend Trump is president and rethink your little economic theories. I'm they will all magically change 180 degrees.
1) No one person is responsible for the economy. The economy is affected by war, disease, supply chain issues, changing demographics (Boomers retiring and dying WOLRDWIDE), and sometimes very temporarily by a world leader who may threaten war or sweeping economic action.
2) Obama was vilified for his handling of the economy...that is true. ALL Presidents are vilified over their handling of the economy, because that's what opponents of any given President will do...because that's a hot button issue for voters - "It's the economy, stupid." It was incorrect to do so. Obama inherited the worst economic situation in my lifetime (NOT Bush's fault by the way), and he did nothing to muck up the recovery. We went from losing hundreds of thousands of jobs monthly to job growth during Obama's term. The Dow bottomed at ~6,400 in March of Obama's first year, and it was at just under 18,000 at the end of his presidency. The Dow went up in 7 of Obama's 8 years and the one year it went down, it was down just 2.23%. In 2016, his last year in office, the Dow went up 13.42%.
3) You are just flat wrong about Biden and gas prices. The gas price spike was due to inflation caused by the pandemic mostly. Biden appeased Democrats by not giving out more permits for drilling on government land. Empty move. Political move, but it did nothing other than make some know-nothing environmentalists continue to like him. US oil companies have more than 9,100 permits that they aren't using, and it's not because of anything Biden has said or done. The US is going electric. The car companies are following suit. Biden didn't create that demand and action by car companies. Electric vehicles have superior performance. People want the convenience of charging the car at their home. Americans especially want the latest and greatest, and internal combustion engines isn't it. With your stance on Biden and gas prices, how to you explain that I can fill up for $2.79 a gallon in my town today when it was over $5 a gallon in the summer? Has Biden changed his stance on oil? Has he opened up more federal land for drilling? Your view on this is just wrong.
4) Summers is a fool, your irrelevant story about him notwithstanding. You should not like someone just because they say something that is controversial. There has to be truth in what is said, and Summers is just wrong...well again, what he is SAYING is wrong. I'm not sure he 100% believes what he's saying. He's performing for an audience that is willing to eat his crap up.
You SHOULD go for a run. You aren't good at this economy discussion stuff.
If I fail to meet your standards of logic and reason, that's probably a pretty good indication that continuing this discussion is pointless. I do agree with your assessment: I should be running right now.
You are absolutely right about everything you wrote...as far as you are concerned. I've already told you that I can't convince you to question your sincerely held beliefs, but I do want to thank you and anyone else who has responded to my posts. Think we might be a little closer to understanding our own views, at least.
"...does seem to have his moral house in order."
Except for the part about his family reaping huge financial gains in Ukraine & China while the "big man" himself collected 10%.
If I fail to meet your standards of logic and reason, that's probably a pretty good indication that continuing this discussion is pointless. I do agree with your assessment: I should be running right now.
You are absolutely right about everything you wrote...as far as you are concerned. I've already told you that I can't convince you to question your sincerely held beliefs, but I do want to thank you and anyone else who has responded to my posts. Think we might be a little closer to understanding our own views, at least.
Good News Saudi Arabia may allow Oil to be Bought in Currencies other than the $USD,Like Yuan, Rubles and Gold, OPEC is rumored to be cutting another 2 Billion Barrels of Oil, This gives President Biden an excuse to get the USA out of The Petrodollar Agreement which has been in place since 1971. This would be great for The USA as we would be forced to produce things again and not be a service Economy anymore. We will very easily be the most productive Nation on Earth again.
