American Politics

[EihTooms]

USA Consumer prices jumped by the most in nearly four decades as the new year started, sapping the savings of American families, diminishing the purchasing power of worker paychecks, and putting pressure on the Federal Reserve to hike interest rates beginning in March.

The consumer price index climbed 0. 6 percent from a month before, the Department of Labor said Thursday. Compared with January of last year, consumer prices are up 7.5 percent.

Inflation only began to accelerate last March after years of coming in below the Fed's two percent target. The Fed had decided to keep interest rates low although the economy was recovering at a faster than expected rate. What's more, the Biden administration pushed through billions of dollars of deficit spending in the American Rescue Plan. These combined to fuel demand for goods and services faster than supplies could expand, pushing up prices.

Federal Reserve chief Jerome Powell, following the advice of many of the economists on the central bank's staff, initially claimed that inflation was due to transitory factors. Fed officials forecast that inflation would fall in the latter half of 2021, predicting that supply chains would swiftly unsnarl and a rebalancing of consumer demand from goods to services would relieve pricing pressure. The Biden administration, under the tutelage of former Fed chair and now Treasury Secretary Janet Yellen, largely followed suit and continued to press for even more spending..

Yes, the Fed might need to raise the Fed Funds rate to as much as 0. 75% before the end of this year to cool down Biden's roaring economy with so many more jobs being created than there are applicants to take them, and good, higher paying jobs at that.

It might indeed take Biden and this Fed Chairman a little longer to reverse the upward trajectory of inflation and start bringing it down in a steady decline than it took Carter and his Fed Chairman to fully accomplish that mission and win that battle back in early 1980.

For one thing, the unemployment rate under Biden today is even lower than it was under Carter at the time. So a lot more Americans have a lot more jobs, higher incomes and therefore more discretionary money to continue to spend and buy things that they'd been denied during more than a year of Trump's Pandemic economic shutdowns and paralysis.

And for another thing, well, Volcker was Dem Carter's Fed Chair appointee and he was brilliant. But Powell was Repub Trump's Fed Chair appointee that Biden had to keep on so as not to add one more element of disruption and uncertainty to the incredibly complicated challenge of pulling us out of the historic mess Trump made of everything.

And, of course, the Repubs would have shit all over any attempt by Biden to appoint a better Fed Chairman, being unable to resist the temptation to make the mess their guy made of everything even worse for America.

[ScatManDoo]

As a matter of fact they did find irregular voting practices in Maricopa County that affected the votes. The democrat secretary of state admitted that a few thousand votes for Biden and democrats were not legal votes but they believed the people at the voting sites didn't understand the rules. They said they just weren't trained properly and it was not done intentionally. Yeh right!

There have been no such findings in the Multi Recounted, Multi Audited Arizona 2020 Biden election.

The only fraudulent ballots found in Arizona were two republican guys pretending to be their mothers.

And a slate of 11 FAKE electors that arrived at the state Capital with forged documents.

So 2 + 11, not thousands of illegal votes.

[Axel Heyst]

USA Consumer prices jumped by the most in nearly four decades as the new year started, sapping the savings of American families, diminishing the purchasing power of worker paychecks, and putting pressure on the Federal Reserve to hike interest rates beginning in March.

The consumer price index climbed 0. 6 percent from a month before, the Department of Labor said Thursday. Compared with January of last year, consumer prices are up 7.5 percent.

Inflation only began to accelerate last March after years of coming in below the Fed's two percent target. The Fed had decided to keep interest rates low although the economy was recovering at a faster than expected rate. What's more, the Biden administration pushed through billions of dollars of deficit spending in the American Rescue Plan. These combined to fuel demand for goods and services faster than supplies could expand, pushing up prices.

Federal Reserve chief Jerome Powell, following the advice of many of the economists on the central bank's staff, initially claimed that inflation was due to transitory factors. Fed officials forecast that inflation would fall in the latter half of 2021, predicting that supply chains would swiftly unsnarl and a rebalancing of consumer demand from goods to services would relieve pricing pressure. The Biden administration, under the tutelage of former Fed chair and now Treasury Secretary Janet Yellen, largely followed suit and continued to press for even more spending.

Establishment media largely parrotted these views, portraying the surge in inflation as a temporary shift higher due to the reopening of the economy. Many establishment outlets described fears of longer-lasting inflation as the product of partisan fear-monger and claimed they had no rational basis. Some of the same outlets that had claimed, without evidence, that Trump's tariffs were raising prices now insisted price increases under Biden were no big deal. Some said that a silver lining of inflation would be higher wages. In fact, prices have been rising faster than wages, lowering the standard of living for many American families, and the hardest hit have been lower-income Americans.

That unanimity in government and establishment media proved calamitous. Inflation continued to soar, sapping the credibility of the Biden administration and the central bank when it came to inflation. Late last year, Fed officials dropped the word "transitory" from their vocabulary and began signaling that they would raise interest rates this year. Resistance from centrist Democrat Joe Manchin (D-WV) to spending more while the economy was suffering from decades-high inflation killed the Biden administration's push for a so-called "human infrastructure" spending bill that its advocates had touted as the signature legislation of President Joe Biden and the greatest expansion of government since FDR's New Deal and LBJ's Great Society.

The public's perception of President Biden's competence has collapsed. Many Americans interpreted the administration's confidence that inflation would pass to be a sign that it did not care about the hardships inflicted upon families paying more for gasoline, groceries, and Christmas gifts. Attempts by the administration to blame corporate greed for high prices fell flat. Although the Biden administration announced the biggest ever release of oil from the government's emergency reserve norm-defying dip into an asset normally held tightly and used only for events like natural disasters or warsoil and gasoline prices have continued to rise to the highest level in years.

Polls show the public's rating of Biden's handling of the economy is at a record low. Biden's overall approval rating has plummeted. Forty-five percent of Americans say inflation has put a strain on household finances.

The Federal Reserve is expected to raise its target interest rate in March, months earlier than market watchers thought last year. Swaps prices prior to the release of consumer prices on Thursday implied about a twenty-five percent chance that the Fed will raise its target by two notches, a half a percentage point, at the March meeting, breaking the recent pattern of raising the target by just one-quarter of a percentage point at each meeting. After the release, the odds of a half-point hike jumped to 44 percent. Fed watchers are also debating how many times the Fed will hike rates, with swaps prices now implying at least three and perhaps four hikes this year. Many analysts, however, increasingly think the Fed will hike five to seven times this year as inflation proves less tractable than officials believed.

[Elvis 2008]

Oil companies didn't stop drilling on federal land because they wanted to shore up their bottom line. They stopped drilling because Biden cancelled permits on all federal land. Because of this oil production dropped in USA in 2021 by over 1,000,000 barrels a day. Biden is being forced to allow more drilling and production will increase in 2022. Biden cancelled XL Pipeline which would have brought 840,000 barrels of cheap Canadian heavy crude to refineries and now we get to buy 800,000 barrels a day of Russian heavy oil at a higher price. OPEC has the most influence on oil prices and when they see USA production going down by Biden dumb policies they increase oil prices. It has been that way for 50 years. Oil companies bottom line is great. Stock prices are up 30% in January and went up 50% last year. Oil companies are paying huge dividends. Biden green policies are making oil companies rich.

Really good post Canada! I am not going to answer these Democratic anymore. You are right. The best things Biden has done for oil companies has been gone off to these climate change conferences and drawn a line in the sand with Russia. Maybe he should go to another of these conferences or ratchet up the war talk and oil will spike even higher than the $93 it has today. Some are talking $120 oil, and if anyone else were president, I would say no way can it go higher based on oil capacity and demand, but with this guy, all is possible.

His poll numbers are down to 37% approval with the handling of the economy, and the douches here keep telling us how great it is.

https://www.cnn.com/2022/02/10/polit...val/index.html

Then you go to the misery index which Reagan pointed to when facing Mondale and Carter. Here are those results: https://en.wikipedia.org/wiki/Misery_index_(economics).

Truman was president since 1945 so I think the index is off with him and although Ford did well in office, he was only in office for 2 years and if you remove those two, you get Clinton and Reagan as the best presidents and I completely agree with both of those. Those were great economic times and both happened during periods of low oil prices.

The worst were Nixon and Carter, which I agree with as well, and both were associated with high oil prices.

And Biden is already off to a horrible start with both the misery index and oil prices.

Thing is when asked what people who disapprove of Biden said that he did right, 56% said nothing. That was no surprise to me.

What did surprise me is when CNN asked people who approve of Biden what has he done wrong, and the top answer, 26% was nothing.

So I agree with the poll. What has he done about inflation? Nothing. High oil prices? Nothing. What has he done to prevent war? Nothing. What good has he done with Covid? Nothing.

Biden is the nothing president.

[Travv]

Washington, D. C. —Supreme Court Justice Clarence Thomas was surprised to learn last week that black representation is very important to President Biden. This comes after Biden previously attempted to block Thomas's nomination while viciously attempting to destroy his life and reputation.

"Black representation matters, folks!" said Biden to a group of journalists outside the White House. "I have always been extremely passionate about black people being judges on, um, courts and stuff. It's all I've dreamt about since I was a young boy on the tough streets of Baltimore!

When asked about how he felt about Clarance Thomas being on the court despite his best efforts, Biden replied: "Who?" before reaching down to sniff his pet cat which he had mistaken for a very small child.

Thomas, who had been smeared over sexual harassment claims that were never actually filed, was humiliated on live TV by Joe Biden who, at the time was a 49-year-old balding racist serving in the senate. Biden turned the confirmation hearing into a circus because he disagreed with Clarence Thomas' views on a few things.

"I can't rightfully vote for someone who thinks babies deserve to live," said Biden at the time. "Plus, you're a black! Whoever heard of such an outlandish idea as a black on the court! I vote nay!

Biden reaffirmed his commitment to nominating a woman of color to the court yesterday, and promised to pick someone "clean and articulate."

[Xpartan]

Yeah, no way people were better off with Reagan than Carter. The economy under Carter was as good as it is today under Biden. Biden's economy is better than Trump's and Carter's economy was better than Reagan's.

Xpartan, how many times were you dropped as a child?

Was inflation this high under Trump Xpartan? Now go ahead and make your pathetic sorry ass excuses.

Oh Elvis! Don't strain yourself. Sarcasm doesn't work for everybody. I mean, have you seen Carson or Hannity trying to be funny? Not a pretty sight.

But anyway.

You're right, some people were better off with Reagan. Just like SOME people were better of with Trump. Your point?

The economy is doing great under Biden. What is it that you don't like, specifically? Inflation? Did you NOT like inflation when Trump gave his billionaire friends $2 trillion in unconditional tax cuts?

Inflation is nearing 6% this year and people are worried that it may continue to go up, returning us to the bad old days of double-digit inflation like we had in the 1970s and ’80s.

There are multiple causes. Republicans trying to blame President Joe Biden for this inflation point to the American Rescue Plan from this spring and the infrastructure plan that recently passed (and hasn’t yet put one penny into the economy). What they refuse to admit is that much of this inflation is the result of their tax cuts for wealthy Americans that has put $250 billion per year of stimulus money into our economy each year since 2018.

Economists of all stripes warned that putting that much stimulus into an already-growing economy was a mistake that would cause inflation to rise. Republicans were OK with inflation caused by tax cuts for the wealthy, but when the middle class shows up for the party looking for more jobs and higher wages, they decide it is time to take the punch bowl away.

If Republicans are serious about reducing the inflationary effects of stimulus spending, they could simply end former President Donald Trump’s tax cuts for the wealthy.

https://m.lasvegassun.com/news/2021/...ted-inflation/

You could, of course, provide sources for your hogwash.

Nope. No, he couldn't, LOL.

[ScatManDoo]

The Wisconsin primary is only a few days away.

Wisconsin is currently a purple state. I think it used to be a blue state. It sure looked blue in 1984 for George McGovern.

Most of its state government seats are filled with republican asses. Wisconsin went for Trump in 2016, not so much in 2020.

Current campaigners for the democratic party have their grassroots efforts this week in support of police, law and order and support of Democracy.

They're happy to point out that their opposition actively defunds police (no BBB), obstructs justice in all corners, all corners!, and supported the coup efforts that opposed democracy.

These Wisconsin activists encouraged democrats across the nation to join their phone banks.

Technology allows democrats, wherever they live, to link up and make phone calls this week.

Many of the republican candidates are folks supported by Donald Trump.

To sit on election boards and serve their leader's order for future elections.

Most of these local elections in off-year voting, get decided with low (often less than 20%) election voting rates. Democrats have issues, like preserving democracy, that is going to motivate many many more voters than usual. Some of whom can give an hour or two to burn up purple phones in Wisconsin this week. I am tempted.

The Republican platform is stuck on "Flippy Floppy TrumpShit".

Which belong in a toilet in Mar-a-logShit, instead of classified top secret papers.

[ScatManDoo]

More than 11 royal guardsmen had to hold the prince in restraints as he tried desperately this morning to wake and infect his Mother, the Queen.

[ScatManDoo]

Oil companies didn't stop drilling on federal land because they wanted to shore up their bottom line.

That is exactly why domestic oil production is slowing down to a trickle.

10 to 20 years from now it is likely that more than half of new vehicles will not use gasoline as its primary fuel.

It would be foolish to spend a big part of (oil company) current budget on new drilling for new wells to produce oil in the future that won't be needed.

Buggy whip production slowed way down a hundred years ago. Canada decries that lost production capacity!

[ScatManDoo]

My post, unlike yours that is based on mushroom feed rhetoric, was based on my personal experience I. E KFC and a report from CNBC an NBC Universal outlet.

Thus your post becomes very intelligent for someone devoid of facts!
Keep on mongering but don't spent your stimulus money. You may need it with this inflation!

More nothing from a nothing.

With farm producers getting paid less.

And grocery stores charging more.

Eat a lot.

When whining a lot about inflation.

Does not think a lot.

And understands nothing, like he is.

[EatALotOpus]

They get fed an over-abundance of retard right-wing talking points and not much else.

He might not be able to stop himself from spewing some uncontrollably.

Like all helpless newborns do.

My post, unlike yours that is based on mushroom feed rhetoric, was based on my personal experience I. E KFC and a report from CNBC an NBC Universal outlet.

Thus your post becomes very intelligent for someone devoid of facts!
Keep on mongering but don't spent your stimulus money. You may need it with this inflation!

[PVMonger]

Yeah, no way people were better off with Reagan than Carter. The economy under Carter was as good as it is today under Biden. Biden's economy is better than Trump's and Carter's economy was better than Reagan's.

Xpartan, how many times were you dropped as a child?

Was inflation this high under Trump Xpartan? Now go ahead and make your pathetic sorry ass excuses.

You could, of course, provide sources for your hogwash. But then, you'd have to do research and read the articles. But everybody knows that is simply too much work for you. So you post opinion and call it fact. No wonder you watch FUX "News" and believe them.

[EihTooms]

Yeah, no way people were better off with Reagan than Carter. The economy under Carter was as good as it is today under Biden. Biden's economy is better than Trump's and Carter's economy was better than Reagan's.

Xpartan, how many times were you dropped as a child?

Was inflation this high under Trump Xpartan? Now go ahead and make your pathetic sorry ass excuses.

Well, yeah, Elvis, it looks like you did inadvertently lurch into some truth there.

Although your suggestion that Carter's economic results were as good as Biden's is highly debatable. After all, as bad as the Nixon / Ford economy and conditions were that Carter inherited and had to recovery America from, it wasn't nearly as nightmarish and disastrous as what Biden inherited from Trump and has been recovering us from at a historic clip and level.

Now, I have posted links in my previous posts for the history of Inflation, GDP Growth, Unemployment Rates, Jobs Creation or Losses by President including average annual gains, Recessions, stock market gains, etc.

Feel free to research, review, re-link and reference the actual, verifiable record and data in any and all of them to refute what you stated and that I highlighted above if you'd like.

Good luck with that. I've looked and I can't refute it.

[PVMonger]

Oil companies didn't stop drilling on federal land because they wanted to shore up their bottom line. They stopped drilling because Biden cancelled permits on all federal land. Because of this oil production dropped in USA in 2021 by over 1,000,000 barrels a day. Biden is being forced to allow more drilling and production will increase in 2022. Biden cancelled XL Pipeline which would have brought 840,000 barrels of cheap Canadian heavy crude to refineries and now we get to buy 800,000 barrels a day of Russian heavy oil at a higher price. OPEC has the most influence on oil prices and when they see USA production going down by Biden dumb policies they increase oil prices. It has been that way for 50 years. Oil companies bottom line is great. Stock prices are up 30% in January and went up 50% last year. Oil companies are paying huge dividends. Biden green policies are making oil companies rich.

You really need to stop believing what you hear on FUX "News".

1. " They stopped drilling because Biden cancelled permits on all federal land. " Hogwash. https://www.audubon.org/news/despite...ng-under-biden.

2. "XL Pipeline". Hogwash. It wasn't even built yet. Coulda, woulda, shoulda doesn't matter.

3. "Oil companies bottom line is great". https://www.npr.org/2021/03/06/97364...s-oil-not-more.

4-x. All of the following articles refute your anti-Biden hogwash https://www.forbes.com/sites/daneber...h=17b42329ddfc and https://www.thebalance.com/what-make...o-high-3305654 and https://www.business-standard.com/ar...2500016_1.html and https://apnews.com/article/why-are-g...37eed6838484bd and https://www.eia.gov/todayinenergy/detail.php?id=50738.

But, hey, FUX "News" said Biden is to blame so, yeah, let's go with that. Sheesh.

[ScatManDoo]

This offer has been out now for close to 48 hours.

Here in California, it is around 8 PM.

There have been no takers that I know of.

I will hold my offer open for about the next 50 hours.

If you want to make this bet with me, indicate in this thread before 10:00 PM (PST) on Thursday, February 10th.

I have been concerned about the Senate seat in Georgia.

Polls seen to favor republican athlete Herschel Walker over the incumbent democrat Raphael Warnock.

We'll see how that goes.

It is now around 3:30 PM on Thursday, so my betting offer is closing in around 6 1/2 hours from now.