Why Biden's ignorance of economics i.e. lack of common sense caused inflation now of over 8%!

[SweetTea]

Damn near every economist would agree, raising the corporate tax would slow the rate of inflation. I mean it is some simple ass shit. Higher corporate taxes mean less retained earnings which means less business investment thereby slowing down this train.

Wait, I bet you believe those corporations will just pass on the higher tax to their customers, LMAO. And you are the one slinging around words like economic illiterate. The bulk of the cost of those higher taxes would be paid by the very same people that got the bulk of the benefit of Trump's corporate tax cut--the shareholders. It is like, Du Huh.

The economic illiteracy of the left is astounding. Tell us again how this inflation is transitory. It is no wonder the losers all vote for Democrats...absolutely no common sense.

I mean I suppose if crashing the economy to decrease inflation is the goal, that is one way to do it.

Absolute morons. I surely hope you folks aren't in control of anybody's money but your own.

 

[AntonToo]

What I said was the raising corporate taxes would not decrease inflation as Biden suggested. Do you really want to argue that point?

...did you read my post?

Just in case you still don't get it:

Raising (effective) taxes is generally contractionary policy and as such would reduce inflation and GDP.

 

[SweetTea]

...did you read my post?

Just in case you still don't get it:

Raising (effective) taxes is generally contractionary policy and as such would reduce inflation and GDP.

What happens to the supply side of the economy when corporate taxes are raised? I guess if they raised taxes high enough they could push the economy into a recession and inflation would decrease. That's quite brilliant.

Stagflation is likely on the way thanks to the bozos running the show.

I wouldn't listen to the folks that told you that this inflation was transitory and that this economy would have a soft landing. Those of us with common sense knew better from the start. Bad policies up and down the line are at fault for our current situation. Biden will be very lucky to notch a place just above Jimmy Carter before it is all said and done.

 

[AntonToo]

What happens to the supply side of the economy when corporate taxes are raised? I guess if they raised taxes high enough they could push the economy into a recession and inflation would decrease.

It's the opposite of lowering taxes, isn't it?

What happened when tax rate was drastically lowered? Did you notice any price cuts? Hell no.

But the investors and stock holders sure got their windfalls.

 

[SweetTea]

It's the opposite of lowering taxes, isn't it?

What happened when tax rate was drastically lowered? Did you notice any price cuts? Hell no.

But the investors and stock holders sure got their windfalls.

Ah, and now the real truth comes out. Everything is filtered through a “hate the rich” and ”hate corporations“ lense.

Anyway, what I noticed that when taxes were cut was that the average income at every economic level rose. Prices didn’t go up, therefore consumers had more buying power. Yes, the wealthy continue to flourish as well.

It seems an awful lot like pure jealously drives the agenda of the left. They can’t stand the fact that ”rich” guy gets a small tax cut which amounts to a larger dollar amount than the average or poor guy who got a larger cut but saw a smaller dollar amount. This all despite the fact that the “rich” guy pays taxes at a higher percentage overall anyway, even after cuts.

Ex: For the “rich” guy, a car(government services) cost 100k. For the “poorer” guy, the same exact car cost 50k. A 25% discount is offered to the “rich” guy saving him 25k, making the car now 75k. The “poorer” guy receives a 20% discount saving him 10k making the car now 40k. The “poorer” guy is pissed that the “rich” guy got a larger discount despite the fact that he is still paying 61% more for the exact same car.

 

[AntonToo]

Ah, and now the real truth comes out. Everything is filtered through a “hate the rich” and ”hate corporations“ lense.

Anyway, what I noticed that when taxes were cut was that the average income at every economic level rose. Prices didn’t go up, therefore consumers had more buying power. Yes, the wealthy continue to flourish as well.

It seems an awful lot like pure jealously drives the agenda of the left. They can’t stand the fact that ”rich” guy gets a small tax cut which amounts to a larger dollar amount than the average or poor guy who got a larger cut but saw a smaller dollar amount. This all despite the fact that the “rich” guy pays taxes at a higher percentage overall anyway, even after cuts.

Ex: For the “rich” guy, a car(government services) cost 100k. For the “poorer” guy, the same exact car cost 50k. A 25% discount is offered to the “rich” guy saving him 25k, making the car now 75k. The “poorer” guy receives a 20% discount saving him 10k making the car now 40k. The “poorer” guy is pissed that the “rich” guy got a larger discount despite the fact that he is still paying 61% more for the exact same car.

Economic effects are not pro or anti rich.

 

[flack]

 

[healthmyths]

its it were only the USA, that would make sense.
A few months ago, europe inflation was a bit better than USA, but they're catching up

Bloomberg - Are you a robot?

www.bloomberg.com

i'd like to hear how Biden is responsible for global inflation.

Here is how... just read and maybe you'll comprehend!
… world's population, the U.S. accounts for 43% of the world's production, 40% of its technological production, and 50% of the world's research and development

American Power in the World

The United States currently has unprecedented power. How the United States harnesses that power will have a profound and enduring effect on the next generation of Americans and the world. Lee Hamilton explains how the U.S. can lead as a benign power.

www.wilsoncenter.org

Now from the Federal Reserve...
By increasing interest rates, the Federal Reserve’s determined to crush inflation, and these raised interest rates are inflicting profound pain on other countries.
Pushing up prices, ballooning the size of debt payments, and increasing the recession risks.

How US Inflation Is Affecting World - Equitypandit

What Is Inflation? In economics, inflation refers to a general rise in the prices of goods and services across the economy over time, eroding purchasing power for both businesses and consumers. In general terms, the dollar (or whatever currency one uses for purchases) will not go as far today as...

www.equitypandit.com

Just in case you still don't get how Biden affects inflation on the world and not just USA..
When Biden stupidly said this:"I guarantee We Are Going To Get Rid of Fossil Fuels” September 06, 2019,
How do you think the fossil fuels industry's responded?
A) It cost them more to raise money for their capital needs. FACT!
"Oil companies are having a harder time finding finance as questions about climate and future oil demand increase. ." Increasing questions around the future of oil demand are making it harder and harder for oil companies to secure financing from banks and other large investors for drilling projects.

Oil companies struggle to secure financing, as banks feel climate pressure

Increasing questions around the future of oil demand are making it harder for oil companies to secure financing from banks and other large investors for drilling projects.

www.houstonchronicle.com

B) So what is the oil companies response? RAISE PRICES!
C) FACT: That’s 40% higher than gas prices during Trump’s entire term and 35% higher if you exclude the COVID period.

Why Trump edges Biden on gas prices

Voters correctly remember that gas prices were cheaper when Trump was president. But that's unlikely to happen again, no matter what Trump might do if he wins a second term.

finance.yahoo.com

So I don't know how to educate you any further on the damages that Biden has done to our economy.
I'll share one more dumb ass comment by Biden that has caused deaths in the USA!
Biden:"I would, in fact, make sure that there is, we immediate surge to the border, " September 2019

Biden's "surge to the border" results nearly 50% MORE illegals PLUS Biden stopped the border wall construction. HOW totally stupid!

 

[healthmyths]

Because half of the permits aren't even being used by oil companies.
Trumptards are blaming Biden for what oil companies AREN'T doing.

The U.S. has more than 24 million acres under lease to oil and gas companies onshore — close to half are not producing.

Biden said the oil industry has "9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year."

Biden’s number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill.



That was oil companies, not Biden.


No, you're dealing in other people's opinion.

ONCE again... just like the BIASED MSM... you manipulate the statements!
You wrote: "Because half of the permits aren't even being used by oil companies."
FACTS you obviously aren't aware of because you just don't care to do any research...you make a dumb ass comment!
There are more than 9,000 permits to drill oil on federal lands, as President Biden claimed. But a variety of factors are keeping that work from getting started.

This claim needs context.
While more than 9,000 approved permits to drill on federal lands aren’t producing oil and gas, that doesn’t mean companies could start drilling right now in all of those locations.
Regulatory processes, court decisions and oil prices all play a role in when drilling can actually begin.
According to the IPAA, some of these leases are going through a “complex regulatory process or are held up in litigation.” Western Energy Alliance, which represents hundreds of companies involved in the exploration and production of oil and natural gas, says on its website that it is defending more than 2,200 leases in court, most of which cannot be developed while the cases are ongoing.

Biden claimed 9,000 oil drilling permits are unused. That’s true, but all work can’t begin ‘right now’

There are more than 9,000 permits to drill oil on federal lands, as President Biden claimed. But a variety of factors are keeping that work from getting started.

www.verifythis.com

So dummies say 9,000 approved permits.... BUT 25% are in litigation!
So that's a lie spread by Biden and the BIASED MSM and idiots like you!

The permits they are referring to are simply the permits to drill in search of oil and gas resources:
o Just because there is a permit, that doesn’t mean that there is oil in the ground or that necessary equipment and pipelines are available.
o Therefore,“non-producing”oil and gas wells are not necessarily“unused”oil and gas leases but instead are in the process of being developed.
o The federal government requires energy production on these lands and any delays require federal approval.

https://naturalresources.house.gov/uploadedfiles/9000_apd_response_one_pager_final.pdf

 

[healthmyths]

Moron, how long does it take for a new lease to deliver even a single drop of oil to market?

We've been over this many times now and you are still posting your half-baked lies that Biden's lease policy had something to do with 2021-2022 oil supply.

AntonLESS....

Biden Attacks the Oil and Gas Industry, Removing Public Lands from Development, Raising Production Costs and Cutting Back on Land Offered at Auction​

1.President Biden is again attacking affordable American energy through a spate of recent decisions making it more difficult and costly to produce oil and gas on federal lands.

2 His Department of Interior has proposed a rule that will remove oil and gas production from roughly one-half of an Indiana-sized (23 million acre) National Petroleum Reserve in Alaska.

3 Biden is lifting the prices companies pay the government for royalties, rents and fees, which will reduce investment and infrastructure development on federal lands.

4 Biden is paring down a lease sale in New Mexico….one of the very few planned as he has leased fewer acres than any President since WWII.

5 President Biden directed the Department of Interior to repeal the existing policy goal of “American Energy Independence,” immediately upon entering office.

6 These actions will hurt national security, increase prices for consumers, and drive investment offshore, where Biden is ignoring sanctions against Iranian and Venezuelan oil production.

Biden Attacks the Oil and Gas Industry, Removing Public Lands from Development, Raising Production Costs and Cutting Back on Land Offered at Auction

The Biden administration has been active over the past month in producing policies to put future domestic oil and gas…

www.instituteforenergyresearch.org

 

[AntonToo]

AntonLESS....

Biden Attacks the Oil and Gas Industry, Removing Public Lands from Development, Raising Production Costs and Cutting Back on Land Offered at Auction​

1.President Biden is again attacking affordable American energy through a spate of recent decisions making it more difficult and costly to produce oil and gas on federal lands.

2 His Department of Interior has proposed a rule that will remove oil and gas production from roughly one-half of an Indiana-sized (23 million acre) National Petroleum Reserve in Alaska.

3 Biden is lifting the prices companies pay the government for royalties, rents and fees, which will reduce investment and infrastructure development on federal lands.

4 Biden is paring down a lease sale in New Mexico….one of the very few planned as he has leased fewer acres than any President since WWII.

5 President Biden directed the Department of Interior to repeal the existing policy goal of “American Energy Independence,” immediately upon entering office.

6 These actions will hurt national security, increase prices for consumers, and drive investment offshore, where Biden is ignoring sanctions against Iranian and Venezuelan oil production.

Biden Attacks the Oil and Gas Industry, Removing Public Lands from Development, Raising Production Costs and Cutting Back on Land Offered at Auction

The Biden administration has been active over the past month in producing policies to put future domestic oil and gas…

www.instituteforenergyresearch.org

This maybe would be less laughable if it wasn't sourced from a Koch politico bullshit mill.

Meanwhile American OIL and GAS production and exports are booming like never before.

 

[Nuthin' Fancy]

ONCE again... just like the BIASED MSM... you manipulate the statements!
You wrote: "Because half of the permits aren't even being used by oil companies."
FACTS you obviously aren't aware of because you just don't care to do any research...you make a dumb ass comment!
There are more than 9,000 permits to drill oil on federal lands, as President Biden claimed. But a variety of factors are keeping that work from getting started.

This claim needs context.
While more than 9,000 approved permits to drill on federal lands aren’t producing oil and gas, that doesn’t mean companies could start drilling right now in all of those locations.
Regulatory processes, court decisions and oil prices all play a role in when drilling can actually begin.

WTF?
9000 approved permits means they already went through all that, as far as the federal government is concerned.

According to the IPAA, some of these leases are going through a “complex regulatory process or are held up in litigation.” Western Energy Alliance, which represents hundreds of companies involved in the exploration and production of oil and natural gas, says on its website that it is defending more than 2,200 leases in court, most of which cannot be developed while the cases are ongoing.

Then that's THEIR problem.
Do you want the federal government to defend the oil companies leases?

Biden claimed 9,000 oil drilling permits are unused. That’s true, but all work can’t begin ‘right now’

There are more than 9,000 permits to drill oil on federal lands, as President Biden claimed. But a variety of factors are keeping that work from getting started.

www.verifythis.com

So dummies say 9,000 approved permits.... BUT 25% are in litigation!

Again, moron.........How is THAT, the federal government's fault.

So that's a lie spread by Biden and the BIASED MSM and idiots like you!

No, it isn't idiot.
The federal government approved the leases, further litigation is on them.
The federal government and the state government isn't responsible after that, instead, you want to blame them?

The permits they are referring to are simply the permits to drill in search of oil and gas resources:
o Just because there is a permit, that doesn’t mean that there is oil in the ground or that necessary equipment and pipelines are available.
o Therefore,“non-producing”oil and gas wells are not necessarily“unused”oil and gas leases but instead are in the process of being developed.
o The federal government requires energy production on these lands and any delays require federal approval.

NO, they don't.
They can sit there for 10 years as far as the federal or state government is concerned, the energy companies already paid.
Oil or not.

Once granted, an oil and gas lease gives the lessee a primary lease term to explore for and develop oil and gas resources. Primary terms range from 5 to 10 years, depending on water depth. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.

National OCS Oil and Gas Leasing Program​

Bureau of Ocean Energy Management (.gov)

https://naturalresources.house.gov/uploadedfiles/9000_apd_response_one_pager_final.pdf