Republicans Denounce Inflation, but Few Economists Expect Their Plans to Help (companies, vs)

[momonkey]

Originally Posted by Volobjectitarian

This.

Inflation is always and everywhere primarily a function of the money supply. Fed prints and does so of their own volition and at the behest of the government.

The FED doesn't control productivity (see green energy pipe dream).

[Leo58]

Originally Posted by Tall Traveler

Inflation was caused by government handouts followed by Biden attacking American energy followed by Biden and the EU sanctioning Russian oil and gas, none of this would have happened if the mean tweeter was still President.

Inflation could be contained simply by discontinuing the Russian sanctions and incentivizing US energy producers instead of handcuffing them as Biden has done combined with repeal of the Inflation Turbocharging Act that the Dems passed with zero Repubs Senators signing on.

US oil production is at an all-time high. Oil company profits are also high:

“Exxon alone reported a profit of $17.9 billion – the highest quarterly profit reported by any oil company in history – while Chevron reported $11.6 billion, Shell reported $11.47 billion, and BP reported $8.45 billion“
https://energycommerce.house.gov/new...g-profits-amid

Now tell me again, how has Biden handcuffed the oil industry?

[BoBromhal]

Originally Posted by tillman7

Inflation is a product of the pandemic, not Joe Biden.



https://www.nytimes.com/2022/10/26/u...mentsContainer

I'm going to guess that the "Few Economists" are probably from the same group that said the ARP wouldn't increase inflation.

What's my prize?

[BoBromhal]

Originally Posted by notnamed

What are you talking about. Trump was the one burning money and giving handouts. Biden has cut the deficit in half since Trump.

you probably believe that.

[notnamed]

Originally Posted by BoBromhal

you probably believe that.

The truth? Trump was growing the deficit even before the pandemic.

[BoBromhal]

Originally Posted by notnamed

Biden resisted pressure from his own party and millions of petitioners for another round of stimulus. He ended it.

Round 1, March 2020: $1,200 per income tax filer, $500 per child (CARES Act)

Round 2, December 2020: $600 per income tax filer, $600 per child (Consolidated Appropriations Act)

Round 3, March 2021: $1,400 per income tax filer, $1,400 per child (American Rescue Plan Act)

https://www.pandemicoversight.gov/da...t-and-how-much

you'll note that's a .gov site.

On top of that:

Under Biden, student loan payment/interest pauses have been continued 18 months (at an average of $300/borrower/month). That's $260B of "stimulus".

The child tax credit was doubled, and 1/2 of that paid in advance. Over $100B.

And others, I'm sure I've overlooked.

[BoBromhal]

Originally Posted by notnamed

The truth? Trump was growing the deficit even before the pandemic.

what's the deficit for 2022 vs the deficit of 2019?

That would tell us whether Biden has reduced the deficit or not.

You won't say, but that's OK. Fret not, I will tell you:

Deficit in 2019: $984 Billion - which even Trump fans would tell you is too high. "Republicans" should be committed to getting it below Obama's, best, year 7 of $442B.

The 2022 deficit was $1.375T. This number - for the uninformed - runs from 10/1 to 9/30.

The deficit under Biden can more factually be said to be ~$400B WORSE than Trump as it can reduced in any way under Biden.

[notnamed]

Yes there was that, he stopped the fourth stimulus and calls for recurring stimulus checks through the pandemic despite many calls to do so in his own party.

There's still the outright reality that the deficit has been halved.

[Tall Traveler]

Originally Posted by Leo58

US oil production is at an all-time high. Oil company profits are also high:

“Exxon alone reported a profit of $17.9 billion – the highest quarterly profit reported by any oil company in history – while Chevron reported $11.6 billion, Shell reported $11.47 billion, and BP reported $8.45 billion“
https://energycommerce.house.gov/new...g-profits-amid

Now tell me again, how has Biden handcuffed the oil industry?

WRONG, oil production peaked when President Trump was in office.

I already pointed out what Biden has done to turbocharge inflation and it started on his first day in office with cancelling the pipeline from Canada and continued with sanctions on Russian oil and gas and he's drained the Strategic Reserve in a failed attempt to prevent the Red Tsunami.

[notnamed]

Domestic oil production has increased since Biden took office and is at near all time highs. Certainly much higher than 2018 and before when things were *normal*. There was just a brief spike in late 19-early 20 before it plunged that was higher.

Domestic natural gas production is at all time highs.