Fed raises rates 3/4%, trying to curb inflation

[Toro]

Inflation is being caused by, in this order

• Massive money printing by the Fed
• Massive fiscal stimulus. The last $1.9 trillion Biden spending program was not necessary.
• Responses from the pandemic which led to many shortages
• Lock downs in China
• War in Ukraine
• An increase in energy prices

Progressive policies are contributing to inflation

 

[Concerned American]

The national budget for 2020 was 4.78 trillion (Trump's budget plus special bills passed in Dec 2019 and sighed by Trump)
The national budget for 2021 was 1.68 trillion
The national budget for 2022 was 1.8 trillions.

One question. What party controlled the house of reps in 2019 and wrote the budget? Let's play circle logic shall we? moron.

 

[Concerned American]

The spike in oil prices is due primarily to an embargo against Russia oil shipped to North America and Europe.

What caused the 50% spike in fuel prices in 2021. There was no embargo on Russia until early 2022.

 

[Oddball]

Economist say the Biden spending during Covid added 2% to 4% of our total inflation of 8.6%. In other words the Covid spending is responsible for one quarter to one half of the inflation.

Fact check: Did Biden's government spending cause inflation?

Jane Timken, a candidate in Ohio's Republican U.S. Senate primary, launched a new campaign ad claiming that President Biden's spending "has sent prices skyrocketing." PolitiFact checks her claim.

www.wral.com

"Experts say....."

The same "experts" that have been gaslighting us for the last several years.

Don't piss on my foot and tell me it's raining.

 

[Oddball]

The national budget for 2020 was 4.78 trillion (Trump's budget plus special bills passed in Dec 2019 and sighed by Trump)
The national budget for 2021 was 1.68 trillion
The national budget for 2022 was 1.8 trillions.

None of that accounts for the $3 trillion that has been printed up over the last year and a half.

 

[Flopper]

One question. What party controlled the house of reps in 2019 and wrote the budget? Let's play circle logic shall we? moron.

The House creates the congressional budget but the Senate also creates a budget and both houses work together using the budget reconciliation procedures to produce a final budget.

 

[Oddball]

The House creates the congressional budget but the Senate also creates a budget and both houses work together using the budget reconciliation procedures to produce a final budget.

The $3 trillion printed up for "rescue" and "infrastructure" over the last year and a half has been outside those budgets.

You're being obtuse on purpose, aren't you?

 

[Flopper]

What caused the 50% spike in fuel prices in 2021. There was no embargo on Russia until early 2022.

There was no spike in 2021 US oil prices. They increased fairly steadily from $52 to $72 a barrel in 2021. This increase was due to the loosening of pandemic-related restrictions, and a growing economy. In 2021 oil prices returned to the levels seen prior to Covid.

WTI Crude Oil Prices - 10 Year Daily Chart

Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

www.macrotrends.net

 

[Oddball]

There was no spike in 2021 US oil prices. They increased fairly steadily from $52 to $72 a barrel in 2021. Crude oil prices increased in 2021 due to increasing COVID-19 loosening pandemic-related restrictions, and a growing economy. In 2021 oil prices returned to the levels prior to Covid.

hogwash

 

[Concerned American]

There was no spike in 2021 US oil prices. They increased fairly steadily from $52 to $72 a barrel in 2021.

The price of fuel at the pump increased in the US by 50% in the first four months of 2021. More in CA.

 

[RoshawnMarkwees]

Giving away money for people to stay home is the cause. That just cut the pie into smaller pieces.
The solution is the same as always; open up energy resources and allow the market to flourish.

 

[Markle]

The national budget for 2020 was 4.78 trillion (Trump's budget plus special bills passed in Dec 2019 and sighed by Trump)
The national budget for 2021 was 1.68 trillion
The national budget for 2022 was 1.8 trillions.

So what?

 

[Markle]

OPEC production since the spike in oil prices has remained about the same rising only slightly, about 2 million barrels a day. The spike in oil prices is due primarily to an embargo against Russia oil shipped to North America and Europe.

It's simply not true that the Biden administration or it's energy policies are holding back domestic energy production. U.S. production of crude oil will rise to an average of 12 million barrels per day in 2022 and then to a record-high of 13 million barrels per day in 2023.

Have Biden Administration Policies Reduced U.S. Oil Production?

Republicans have ramped up their criticism of Biden's agenda as Russia-Ukraine crisis throws the global energy market into a tailspin.

www.newsweek.com

OPEC Crude Oil Production Monthly Insights: International Energy Statistics | YCharts

In depth view into OPEC Crude Oil Production including historical data from 1973 to 2023, charts and stats.

ycharts.com

Why lie?

 

[Care4all]

It also makes us bank stockholders a shitload of money!!!!
Thanks liberals.

What's your approach then? Got any ideas?

 

[Care4all]

So what?

Trump, pumped up the economy when the economy didn't need it, by overspending, and by keeping fed rates low.

 

[22lcidw]

The national budget for 2020 was 4.78 trillion (Trump's budget plus special bills passed in Dec 2019 and sighed by Trump)
The national budget for 2021 was 1.68 trillion
The national budget for 2022 was 1.8 trillions.

The national budget was much more in 2021 and will be in 2022 then the numbers you typed. The deficit because of the purposely shut down economy by the Blue States alone is twice that number for those years.

 

[22lcidw]

Trump, pumped up the economy when the economy didn't need it, by overspending, and by keeping fed rates low.

I guarantee you every politician likes low fed rates. When times are good we have chances to cut the deficits but we do not. When the conditions go bad we see what is happening now. And most all of this was self inflicted by Progressives.

 

[HereWeGoAgain]

What's your approach then? Got any ideas?

Yeah....my idea is watching my bank stocks skyrocket!!!
Thanks again liberals!!!

 

[Cougarbear]

OPEC production since the spike in oil prices has remained about the same rising only slightly, about 2 million barrels a day. The spike in oil prices is due primarily to an embargo against Russia oil shipped to North America and Europe.

It's simply not true that the Biden administration or it's energy policies are holding back domestic energy production. U.S. production of crude oil will rise to an average of 12 million barrels per day in 2022 and then to a record-high of 13 million barrels per day in 2023.

Have Biden Administration Policies Reduced U.S. Oil Production?

Republicans have ramped up their criticism of Biden's agenda as Russia-Ukraine crisis throws the global energy market into a tailspin.

www.newsweek.com

OPEC Crude Oil Production Monthly Insights: International Energy Statistics | YCharts

In depth view into OPEC Crude Oil Production including historical data from 1973 to 2023, charts and stats.

ycharts.com

Balony! That's the stupid Biden argument that doesn't hold water. We only bought 8% from Russia of our oil. They don't have squat to do with OPEC either. The price has bolted from a few dollars a barrel to $120 a barrel since Biden became president. What has happened? Yes, oil companies can ask drill anywhere. But, the Biden administration is not approving any new drilling at all. He just got on TV and yelled at the oil companies for not drilling enough and charging too much when they have no control of the production of oil and the price. Keep on drinking the kool-aid because the people no longer believe it. Republicans will destroy Democrats in November because of the continued lies.

 

[B. Kidd]

Well I think you forget the epoch of colonial powers and imperialism. But I understand and partly agree with you about more recent geopolitical threats and misperceptions. Right now there is a slow return to regional and domestic restoring of logistical chains, and increased concern over national security.

But there is an inevitable price to be paid for this. Also there is the real threat that, as in WWI and WWII, the growth of regional hegemony & political blocks, the collapse of world trade, the onset of world depression, the rise of protectionism & authoritarianism, will end in world war.

The hope and desire to make war a thing of the past is a profoundly human one … that often leads to “misperceptions.” Few expected WWI. Few expected Putin to act so aggressively.

In the case of the U.S. during the Cold War with Russia, our alliance with then very underdeveloped Maoist China seemed a smart move … for decades. It gave U.S. and West European corporations profits and gave Uncle Sam great political advantages vs. the Kremlin.

But as they say … the Piper must be paid.

Thanks for your levity in a well thought out post!!