LickWx
Member
Some people just trust the media blindly smh. They need to understand it’s fake news
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Some people just trust the media blindly smh. They need to understand it’s fake news
This is a good point we do need more unification in this county. I will say they definitely made the economy better...and I know many will off the bat say "no they definitely did not" but when putting it in perspective they did. Keep in mind it takes major economic bills an average of 2 years to see the full effects. In 2020 Trump passed the CARES Act, in 2022 the national GDP grew 1.9%. Biden passed the Inflation Reduction Act in 2022 and in 2024 the national GDP grew 3.0%. When it comes to inflation, it hit its peak in 2022 at 9.59% which is due to Trump passing the CARES Act 2 years prior. In 2024 the average is 3.2%, this is due to biden economic plan passed in 2022. Biden has done a good bit in his term in office many just dont know that economic wise it takes about 2 years to see the effects at its peak.
Here's a link talking about why Impact Lag takes as long as it does. These acts would be on the longer side due to both being MAJOR economic acts.
What Are Long and Variable Lags in Monetary Policy?
An analysis looks at where the idea of ‘long and variable lags’ in monetary policy originated and offers some reasons for why they might occur.
www.stlouisfed.org
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I disagree. If both gas and food prices stay inflated those 2 factors alone keep hurting the economy.
Downeastnc
Member
Was on my way to work yesterday and noticed gas prices suddenly back down to $2.88, so early last week it went from $2.88 to $3.20 in one afternoon right before the long holiday weekend and now has dropped back down to pre holiday weekend prices.....gas and food prices are being artificially held high by corporations to increase their margins....the CEO of Kroger admitted as much last week, and the evidence is there for anyone to see...how have companies managed to increase their profit margins so much the last few years in this "terrible" economy.
SASQUATCH
2-Time Defending SouthernWX Fantasy Football Champ
Member
2024 Supporter
2017-2023 Supporter
If you truly believe that Biden's policies have helped the economy, I'm not sure we can have a serious conversation about economics.This is a good point we do need more unification in this county. I will say they definitely made the economy better...and I know many will off the bat say "no they definitely did not" but when putting it in perspective they did. Keep in mind it takes major economic bills an average of 2 years to see the full effects. In 2020 Trump passed the CARES Act, in 2022 the national GDP grew 1.9%. Biden passed the Inflation Reduction Act in 2022 and in 2024 the national GDP grew 3.0%. When it comes to inflation, it hit its peak in 2022 at 9.59% which is due to Trump passing the CARES Act 2 years prior. In 2024 the average is 3.2%, this is due to biden economic plan passed in 2022. Biden has done a good bit in his term in office many just dont know that economic wise it takes about 2 years to see the effects at its peak.
Here's a link talking about why Impact Lag takes as long as it does. These acts would be on the longer side due to both being MAJOR economic acts.
What Are Long and Variable Lags in Monetary Policy?
An analysis looks at where the idea of ‘long and variable lags’ in monetary policy originated and offers some reasons for why they might occur.
LickWx
Member
Hey, he seems to be trying to make an unbiased analysis. That’s more than what most of us do in here. I’d give Ethan a chance. He once saved me , 4 cats, 3 babies, and 9 puppies from a burning building.
SASQUATCH
2-Time Defending SouthernWX Fantasy Football Champ
Member
2024 Supporter
2017-2023 Supporter
I have nothing against anyone in here, my objection was based purely on life situations and my educational background with finance and economics. Nothing more, nothing less. Kudos for his help to you, pal. I'm glad you and yours made it out alright.
Its basic impact lag. We start seeing the effects in 2021 a year after the CARES Act got passed hit peak at 2 years and started seeing a decline in inflation after the passing of the Inflation Reduction Act and in 2024 we have leveled out.
Still doesn't make sense why they would do that now for profit unless it was allowed by the government. Relying on foreign oil means more upward fluctuations will happen again with pointless wars as well.
Gas prices have also been falling with inflation the 2022 average was 3.95 per-gallon, now we average 3.31. However, I have found gas prices are much much cheaper than our average. In my area a few years ago were near 4 dollars now we havent broke 3 in a few months. As for groceries yes it has definitely been going up the last few years seeing a 5% increase in 2022, but over the last year its been found that groccery prices have been stabilizing seeing an average of a 1% increase in 2024 compared to an average of 2.5% for the previous 20 years.
That is not enough in the grand scheme of things when you compare the $1.75 per gallon prices before Biden. Why do we rely on foreign oil only?
LickWx
Member
We are not free, the Feds are watching you at every corner. Authoritarianism keeps creeping in
Sandbar
Member
This is a lot like weight gain. You gain 10 lbs one month and you are giddy as hell because you only gained 8 lbs the next month and only 6 lbs the month after that which means your weight gain "stabilized". The damage of poor economic decisions and inflation is no different
I mean yeah it does suck, there are a lot of factors that go into gas prices though, RUS v Ukraine, importing factors, inflation, global relations, etc. The world is a completely different place now than it was in 2020 when we were at our lowest of 1.81. COVID also had a massive impact on gas prices less people driving and less drilling, they wanted to sell for what they could. Then around 2021/2022/2023 people started getting out more which meant a higher demand for gas and more drilling so they had to raise the price per barrel. Luckily its coming back down but it just shows there are many many factors that go into gas prices.
Downeastnc
Member
How would the government stop them...
Downeastnc
Member
You understand the reason gas was $1.75 as because of Covid and travel restrictions right? In Aug 2019 right before the whole covid thing the average price of gas in the US was around 2.60-2.90 a gallon.
Downeastnc
Member
The US isn’t relying on foreign oil only. It just had record high crude oil production in 2023 of 12.9 million barrels per day. That isn’t just the record high for the U.S. It is actually the record high for all countries! “Drill, baby drill” has already been occurring.
Downeastnc
Member
The US isn’t relying on foreign oil only. It just had record high crude oil production in 2023 of 12.9 million barrels per day. That isn’t just the record high for the U.S. It is actually the record high for all countries! “Drill, baby drill” has already been occurring.
US oil companies sell most of the oil produced in the US overseas since our refineries are not setup to process sweet crude and they dont want to spend money on new refineries when they can just export for a premium....again I find it funny that the GOP attacks Biden and now Harris on energy etc all while the US oil companies drill more oil and make more money than they ever have before.....