Is Biden at fault for the worse inflation rate in 40 years?

[Batcat]

The inflation is partly Trump's fault. Trump's trade war with China is one of the causes of inflation.

The reasons to end the trade war with China keep piling up. Inflation is the latest case in point: American businesses and consumers, not Chinese exporters, are bearing the cost of Trump-era tariffs in the form of higher prices on made-in-China parts and products.

Yet, more than a year into the Biden administration, tariffs on Chinese goods, first imposed in 2018, are still in place on over $350 billion of imports from China.

It is past time for President Biden to remove the tariffs. The longer he fails to act, the deeper the harm to the United States.

In addition to fanning inflation, tariffs on Chinese goods have provoked retaliatory tariffs that have sharply reduced American exports to China, allowing other nations to move in on markets once dominated by the U.S. To offset the losses to farmers and other exporters, the U.S. government has paid out subsidies, adding to the U.S. budget deficit.

The longer Trump’s China tariffs are in place, the greater the harm to America

It’s wrong to assume that negative views of China translate into support for a trade war.

thehill.com

It is also very clear that companies are raising prices because they can, not because their costs have risen. Record profits prove this is true.

“What we see is across sectors — across companies, CEOs are just crowing about how they can raise prices on consumers all while bringing in record profits,” Rakeen Mabud, Groundwork Collaborative chief economist and managing director of policy and research, told Yahoo Finance Live on Tuesday.

The bottom line is taxes need to be raised on businesses and thew rich and powerful.

If the tariffs are the problem than Biden needs to remove them as your article suggests.

At least the article didn’t totally blame Trump for the inflation. Joe Biden is the one sitting behind the Oval Desk right now and it is his job to help find ways to reduce inflation and not push policies that will cause inflation to skyrocket. He still has close to three years in his term in office to accomplish this. If he fails the Democratic Party may shrink from a Big Circus Tent to a little teepee.

Joe Biden’s Policies Have Led to Surging Inflation

townhall.com

***snip***

Many of the policies being pushed by Biden have made the economy worse.

For instance, the Biden administration has undermined American energy independence. In the past year, President Biden signed an executive order banning new drilling leases on federal lands, pursued more than $20 billion in new energy taxes on oil and natural gas production, and vetoed permitting for the Keystone XL pipeline.

Biden has also pushed trillions in new spending that have made inflation worse. After spending trillions in 2020 to fight the COVID-19 pandemic, the Biden administration passed an unnecessary, additional $1.9 trillion spending bill in March.

Almost a year after this last funding bill was passed, $1 trillion in COVID-19 funding has not been spent and $500 billion hasn’t even been allocated. allocated. The Biden spending bill also included extended a federal program that paid people not to work for months.

A new National Bureau of Economic Research working paper found
these unemployment benefits prolonged the struggling job market and reduced employment

 

[healthmyths]

You are the one who cannot apparently read.

FACT: Biden does not have the power to cancel current oil leases.

Biden is not stopping any production on federal lands. He does not have the legal authority to do so. Production of oil went up during the Obama Administration. That was due to drilling on private lands, yet gas prices were not perceptibly higher.

FACT: Oil companies are cutting exploration budgets. They have not even re-opened the rigs that were running before the pandemic.

In Dec 2019, there were 805 rigs in operation. Due to the drop in demand, the number of rigs dropped to 251 in June 2020. When Biden took office, there were 384 rigs in operation. In Jan 2022, the number stood at 610. That is still 25% below the level it was pre-pandemic. Oil companies are withholding production from the market to fatten their profits.

U.S. oil & gas rigs in use per month 2024 | Statista

U.S. oil and gas drilling activity varies greatly depending on the month and season. Rig numbers increased in February 2024.

www.statista.com

FACT:

Biden suspends oil and gas leasing in slew of executive actions on climate change​

• Biden’s orders direct the secretary of the Interior Department to halt new oil and natural gas leases on public lands and waters, and begin a thorough review of existing permits for fossil fuel development.

Biden suspends oil and gas leasing in slew of executive actions on climate change

Biden's orders will halt oil and natural gas leases on public lands and waters in an effort to curb planet-warming carbon emissions.

www.cnbc.com

 

[surada]

No need to argue with obvious facts. The arrival of the left is always preceded by upheavals that they themselves organize. This is their method of coming to power

You sure don't know anything about the oil business.

 

[surada]

h

If the tariffs are the problem than Biden needs to remove them as your article suggests.

At least the article didn’t totally blame Trump for the inflation. Joe Biden is the one sitting behind the Oval Desk right now and it is his job to help find ways to reduce inflation and not push policies that will cause inflation to skyrocket. He still has close to three years in his term in office to accomplish this. If he fails the Democratic Party may shrink from a Big Circus Tent to a little teepee.

Joe Biden’s Policies Have Led to Surging Inflation

townhall.com

***snip***

Many of the policies being pushed by Biden have made the economy worse.

For instance, the Biden administration has undermined American energy independence. In the past year, President Biden signed an executive order banning new drilling leases on federal lands, pursued more than $20 billion in new energy taxes on oil and natural gas production, and vetoed permitting for the Keystone XL pipeline.

Biden has also pushed trillions in new spending that have made inflation worse. After spending trillions in 2020 to fight the COVID-19 pandemic, the Biden administration passed an unnecessary, additional $1.9 trillion spending bill in March.

Almost a year after this last funding bill was passed, $1 trillion in COVID-19 funding has not been spent and $500 billion hasn’t even been allocated. allocated. The Biden spending bill also included extended a federal program that paid people not to work for months.

A new National Bureau of Economic Research working paper found
these unemployment benefits prolonged the struggling job market and reduced employment

Town hall never gets anything right. The US has never been energy independent. That's a really stupid Trump lie. What the hell is wrong with you people?

 

[Nostra]

Gotta live Dimtards who get their education in economics from Sat
morning cartoons.

 

[Nostra]

The amount of oil produced increased under Obama. Republicans would put a oil drill in Old faithful. Republicans want to destroy the land to drill.

Increased in spite of Barry and his policies..

 

[Batcat]

h
Town hall never gets anything right. The US has never been energy independent. That's a really stupid Trump lie. What the hell is wrong with you people?

Town Hall isn’t the only source saying the U.S. was energy independent.

The United States Was Energy Independent in 2019 for the First Time Since 1957

U.S. energy production in 2019 was higher than U.S. energy consumption for the first time in 62 years. Thus, the…

www.instituteforenergyresearch.org

U.S. energy production in 2019 was higher than U.S. energy consumption for the first time in 62 years. Thus, the U.S. attained the long-held goal of “energy independence”—which is not to say that we did not import or export energy, but that we produced more energy than we used. One can thank the oil and gas industry and its use of hydraulic fracturing and horizontal drilling for that milestone as production in those industries increased a combined 11 percent in 2019. Total U.S. energy production increased by 5.7 percent in 2019 while U.S. energy demand decreased by 0.9 percent. The United States produced 101.0 quadrillion British thermal units (quads) of energy and consumed 100.2 quads last year. Fossil fuels accounted for 80 percent of both energy consumption and production in 2019.

****************

U.S. energy facts - imports and exports - U.S. Energy Information Administration (EIA)

U.S. energy imports and exports since 1950.

www.eia.gov

The United States was a net total energy exporter in 2019 and 2020​

Up to the early 1950s, the United States imported relatively small amounts of energy.1 In the mid-1950s, the United States began to import greater amounts of crude oil and petroleum products (such as gasoline and distillate fuels) to fill the gap between petroleum consumption and domestic production.

Total U.S. annual primary energy net imports (imports minus exports) generally increased in most years since the mid-1950s and reached a record high in 2005, equal to about 30% of total U.S. energy consumption. Since 2005, total annual energy imports have decreased and total energy exports have increased. The United States became a net total energy exporter in 2019 for the first time since 1952 and maintained that position in 2020 even though both total energy production and consumption were lower in 2020 than in 2019. Total U.S. energy exports exceeded total energy imports by 3.46 quadrillion British thermal units (quads) in 2020, the largest margin on record6(. U.S. energy exports in 2020 totaled 23.47 quads, and energy imports fell 13% to 20.0 quads, the lowest level since 1992.

 

[surada]

Town Hall isn’t the only source saying the U.S. was energy independent.

The United States Was Energy Independent in 2019 for the First Time Since 1957

U.S. energy production in 2019 was higher than U.S. energy consumption for the first time in 62 years. Thus, the…

www.instituteforenergyresearch.org

U.S. energy production in 2019 was higher than U.S. energy consumption for the first time in 62 years. Thus, the U.S. attained the long-held goal of “energy independence”—which is not to say that we did not import or export energy, but that we produced more energy than we used. One can thank the oil and gas industry and its use of hydraulic fracturing and horizontal drilling for that milestone as production in those industries increased a combined 11 percent in 2019. Total U.S. energy production increased by 5.7 percent in 2019 while U.S. energy demand decreased by 0.9 percent. The United States produced 101.0 quadrillion British thermal units (quads) of energy and consumed 100.2 quads last year. Fossil fuels accounted for 80 percent of both energy consumption and production in 2019.

View attachment 607551

****************

U.S. energy facts - imports and exports - U.S. Energy Information Administration (EIA)

U.S. energy imports and exports since 1950.

www.eia.gov

The United States was a net total energy exporter in 2019 and 2020​

Up to the early 1950s, the United States imported relatively small amounts of energy.1 In the mid-1950s, the United States began to import greater amounts of crude oil and petroleum products (such as gasoline and distillate fuels) to fill the gap between petroleum consumption and domestic production.

Total U.S. annual primary energy net imports (imports minus exports) generally increased in most years since the mid-1950s and reached a record high in 2005, equal to about 30% of total U.S. energy consumption. Since 2005, total annual energy imports have decreased and total energy exports have increased. The United States became a net total energy exporter in 2019 for the first time since 1952 and maintained that position in 2020 even though both total energy production and consumption were lower in 2020 than in 2019. Total U.S. energy exports exceeded total energy imports by 3.46 quadrillion British thermal units (quads) in 2020, the largest margin on record6(. U.S. energy exports in 2020 totaled 23.47 quads, and energy imports fell 13% to 20.0 quads, the lowest level since 1992.

They are parroting Trump. We weren't energy independent in 1952 either. There was no demand in 2020 because of COVID. Normally we use 20 million bpd and have never produced more than 12 million bpd so we import from Mexico, Canada and Venezuela until Trump sanctioned Venezuela. Then we started buying oil from Russia. We do still buy a very small amount from OPEC.

 

[healthmyths]

Xiden & Democrotch congress is like Carter years all over again, difference being Carter was a good man Vs Xiden is a creep. Wow have Demonicracks regressed.

I agree regarding Carter. I voted for him thinking he was smart (Naval graduate) worked with Rickover on nuclear subs and I thought he would be smarter. He wasn't! He was a politician. I'm sure you remember this:

Misery Index

The misery index shows how people are doing economically by adding the inflation and unemployment rate. Our chart also includes who was President during that period.

inflationdata.com

Notice it was the highest ever in 6/1980 at 21.98% ! Carter.

 

[healthmyths]

You are the one who doesn't understand facts. Oil companies are deliberately keeping supplies low to keep prices high. There were over 800 oil rigs in operation pre-pandemic. That number dropped to under 400 due to the collapse in oil demand. Despite high oil prices and higher demand, the number of rigs in production is increasing very slowly. Biden is not preventing them from re-opening. Oil companies are scamming America and are getting away with it.

So if they are "scamming" why is Biden and you so dumb then to exacerbate the problem by reducing oil exploration on land that provides 25% of our nation's oil? Or are you and Biden in cahoots with the oil companies TO make prices higher by reducing the supply!
Again here are the FACTS!
25% of our national oil production comes from Federal lands.
Oil from federal lands tops 1B barrels as Trump eases rules

Biden signed a moratorium on exploring for oil on land that provides 25% of the nation's oil.
FACT: The White House froze new oil and gas lease sales shortly after President Biden took office.

3 things are clear about Biden's latest move on oil leasing

The Biden administration's latest moves surrounding federal oil and gas leases have come with typically muted messaging from the Interior Department and broad anxieties for industry supporters and environmentalists alike. But with tensions, and confusion, around the oil program at an all-time...

www.eenews.net

So again, if Biden and idiots like you WEREN"T implicated in the oil companies "scamming" (Remember Hunter Biden was on the board of one of Ukraine’s largest natural gas companies, Hunter Biden, the son of former U.S. Vice-President Joe Biden, was regarded as a helpful non-executive director with a powerful name, according to people familiar with Biden’s role at the company.

What Hunter Biden did on the board of Ukrainian energy company Burisma

By Polina Ivanova, Maria Tsvetkova, Ilya Zhegulev and Luke Baker

www.reuters.com

 

[Turtlesoup]

The right does not value promiscuous women.

The inflation is partly Trump's fault. Trump's trade war with China is one of the causes of inflation.

The reasons to end the trade war with China keep piling up. Inflation is the latest case in point: American businesses and consumers, not Chinese exporters, are bearing the cost of Trump-era tariffs in the form of higher prices on made-in-China parts and products.

Yet, more than a year into the Biden administration, tariffs on Chinese goods, first imposed in 2018, are still in place on over $350 billion of imports from China.

It is past time for President Biden to remove the tariffs. The longer he fails to act, the deeper the harm to the United States.

In addition to fanning inflation, tariffs on Chinese goods have provoked retaliatory tariffs that have sharply reduced American exports to China, allowing other nations to move in on markets once dominated by the U.S. To offset the losses to farmers and other exporters, the U.S. government has paid out subsidies, adding to the U.S. budget deficit.

The longer Trump’s China tariffs are in place, the greater the harm to America

It’s wrong to assume that negative views of China translate into support for a trade war.

thehill.com

It is also very clear that companies are raising prices because they can, not because their costs have risen. Record profits prove this is true.

“What we see is across sectors — across companies, CEOs are just crowing about how they can raise prices on consumers all while bringing in record profits,” Rakeen Mabud, Groundwork Collaborative chief economist and managing director of policy and research, told Yahoo Finance Live on Tuesday.

The bottom line is taxes need to be raised on businesses and thew rich and powerful.

Oh stop it...CHINA IS our fucking enemy...they abuse people and they plan on using the money that they make off the US to further their endeavors to take over the world to abuse everyone else including the US.

The SMART thing to do is to cut them off from Trading----so they stop stealing from the US and they don't have the extra cash to harm others. Trump did the SMART and MORAL thing, and yet the dems and other communists attack him for it.

 

[Cellblock2429]

Previous US presidents were so bad the US inflation rate was out of control.

Biden is so bad, the global inflation rate is out of control.

/-----/ The other times, global inflation was out of control too. You moron.

 

[j-mac]

Biden inflation hits 40-year high… Rick Santelli breaks it down…

At least crack pipes are free U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptio…

citizenfreepress.com

Biden inflation hits 40-year high… Rick Santelli breaks it down…​

So why is it Biden's "inflation"? Well among many reasons here is one dominate one!
Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

So when gas rises in price nearly 40% from what it was a year ago... that means every day gas cost Americans $334 million a day MORE
than a year ago.
So why is it Biden's "Inflation"... ONE major reason...
Biden shut off oil exploration on land that produces 25% of Americans oil.
He then begs OPEC to pump more gas while restricting American oil producers!
He then releases 50 million barrels from the strategic oil reserves!
These three Biden actions CAUSED gas prices to increase for Americans by $334 million a DAY!
Folks... if that doesn't add to inflation...wow are those of you who don't think Biden's at fault... You don't understand economics...at all!

View attachment 599629

In short, it is absolutely Biden’s fault.

 

[CrusaderFrank]

This has been a team effort.

Only a mindless tribal sheep would claim otherwise.

Just coinkydink it all happened under Brandon, right Biden Loon?

 

[Lisa558]

I agree regarding Carter. I voted for him thinking he was smart (Naval graduate) worked with Rickover on nuclear subs and I thought he would be smarter. He wasn't! He was a politician. I'm sure you remember this:

Misery Index

The misery index shows how people are doing economically by adding the inflation and unemployment rate. Our chart also includes who was President during that period.

inflationdata.com

Notice it was the highest ever in 6/1980 at 21.98% ! Carter.
View attachment 607631

The difference is that back then, retirees could lock up guaranteed double-digit investment vehicles, so that when inflation went back down, they were sitting pretty. Right now, retirees have no guaranteed income that pays even 2%. Unless you are on an inflation-protected government pension, the two groups suffering most under Biden are retirees and the lower-income workers.

 

[DarthTrader]

Does Biden share the blame? Absolutely. Is this something that happened because of what has happened in the last year? No. This has been building and created over years.

Oh do tell....lololool

 

[Moonglow]

The difference is that back then, retirees could lock up guaranteed double-digit investment vehicles, so that when inflation went back down, they were sitting pretty. Right now, retirees have no guaranteed income that pays even 2%. Unless you are on an inflation-protected government pension, the two groups suffering most under Biden are retirees and the lower-income workers.

My real estate investments are ca-chinging.

 

[DarthTrader]

Money was always supposed to be an easy use of one person making a transition with another. The Federal Reserve as a private bank convinced people to be suckers. In a simple way if you bake ten loaves of bread and another person makes ten jars of jelly, instead of them trading with each other, the Federal Reserve takes a loaf of bread and a jar of jelly for the transaction. And they do nothing. They are legalized loan sharks.

This is not true at all.

 

[DarthTrader]

My real estate investments are ca-chinging.

Bullshit lol.

 

[Lisa558]

My real estate investments are ca-chinging.

Mine are as well. But I’m not a selfish leftist ^^^ who only cares about myself. As I said, I feel bad for retirees on a fixed income.

(I love when leftists who profess to care about others reveal their true colors.)