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Re: Biden's Economy?
Posted: Wed Oct 05, 2022 5:57 pm
by Res Ipsa
Remember Ajax's prediction that gas prices would go up after the election. Well, Biden has such control over gas prices that he's doing Ajax one better -- raising gas prices BEFORE the election. Yes, he's just that powerful.
When prices started to spike, OPEC agreed to increase production a smidge. They just voted to decrease production by 20x the amount of that smidge. In my neck of the woods, gasoline prices increased about a buck a gallon just on concerns that OPEC would cut production. So maybe it's mostly priced in already, but I wouldn't bet on it.
But I'm sure all those U.S. drillers will jump right in there to take up the slack...
Re: Biden's Economy?
Posted: Wed Oct 05, 2022 7:10 pm
by Doctor Steuss
Res Ipsa wrote: ↑Wed Oct 05, 2022 5:57 pm
When prices started to spike, OPEC agreed to increase production a smidge. They just voted to decrease production by 20x the amount of that smidge. In my neck of the woods, gasoline prices increased about a buck a gallon just on concerns that OPEC would cut production. So maybe it's mostly priced in already, but I wouldn't bet on it.
Dunno if this is heading off topic (or maybe not, since this thread has kind of wandered through a lot of territory), but I'm wondering just how much this might be to assist Russia. Oil seems to be Russia's main revenue source, and I believe they have a prominent seat at the OPEC+ table.
Re: Biden's Economy?
Posted: Wed Oct 05, 2022 8:27 pm
by Vēritās
Private payroll job growth rose faster than expected in September, suggesting that companies are continuing to hire new workers despite growing fears of an economic slowdown, according to the ADP National Employment Report released Wednesday morning.
https://www.foxbusiness.com/economy/us- ... ations-adp
Re: Biden's Economy?
Posted: Fri Oct 07, 2022 1:55 am
by ajax18
Vēritās wrote: ↑Wed Oct 05, 2022 8:27 pm
Private payroll job growth rose faster than expected in September, suggesting that companies are continuing to hire new workers despite growing fears of an economic slowdown, according to the ADP National Employment Report released Wednesday morning.
https://www.foxbusiness.com/economy/us- ... ations-adp
How much inflation is good in your opinion Veritas? 2%, 8%, 10%?
Re: Biden's Economy?
Posted: Fri Oct 07, 2022 1:03 pm
by Vēritās
263,000 jobs added in September, bringing the unemployment rate down two points to 3.5%.
Manufacturing jobs are at highest levels since before the great recession.
Some "recession" we have here, huh?
Re: Biden's Economy?
Posted: Fri Oct 07, 2022 6:40 pm
by ajax18
Vēritās wrote: ↑Fri Oct 07, 2022 1:03 pm
263,000 jobs added in September, bringing the unemployment rate down two points to 3.5%.
Manufacturing jobs are at highest levels since before the great recession.
Some "recession" we have here, huh?
You didn't answer my question. How much inflation is good in your opinion
Re: Biden's Economy?
Posted: Fri Oct 07, 2022 6:48 pm
by Vēritās
ajax18 wrote: ↑Fri Oct 07, 2022 6:40 pm
Vēritās wrote: ↑Fri Oct 07, 2022 1:03 pm
263,000 jobs added in September, bringing the unemployment rate down two points to 3.5%.
Manufacturing jobs are at highest levels since before the great recession.
Some "recession" we have here, huh?
You didn't answer my question. How much inflation is good in your opinion
Since when do you ever answer anyone's questions? You're bitching because I ignore your dumb questions which are never asked in good faith?
Inflation affects people differently depending on their financial situations. Inflation on automobiles and homes works beautifully for those who sell cars or houses for a living because their incomes rise at the same rate. Inflation on crude sucks for those who rely heavily on their automobiles. Across the board inflation helps virtually everyone who has debt and it hurts those who are in the business of lending money. The point is most Americans fall into the first category. Across the board inflation of 3-4% is probably a good benchmark, which is probably where we're actually at if you take away energy.
Homeowners Benefit from Inflation
When inflation reduces the purchasing power of money, people pay more for housing, and that means inflation increases the value of property.
Inflation also increases the cost of land, material and labor for building new homes. That curbs new construction and makes existing homes more valuable, boosting demand and further benefiting home prices.
People with Fixed-Rate Debt Benefit from Inflation
If you have fixed-rate debt, like a mortgage or a student loan, inflation helps you.
Federal student loans carry a fixed interest rate of 4.99% for undergraduates—that’s less than the current rate of inflation. When the rate of inflation exceeds the interest rate on student loans, the cost of borrowing money to pay for college decreases.
If you have a fixed-rate mortgage with an interest rate that’s less than the rate of inflation, your debt is decreasing in value. As noted above, inflation is also increasing the value of your home.
The average interest rate for a 30-year fixed-rate mortgage fell as low as 2.8% in 2021—well below the current inflation rate. As inflation and prices rise, your mortgage is worth less, helping to improve your finances.
Investors May Benefit from Inflation
Investors can benefit from inflation, but it’s important to understand that some stock market sectors benefit more than others.
Broadly speaking, companies that can raise prices for their goods and services in line with inflation will benefit, while those with inelastic pricing will suffer. For instance, energy stocks typically benefit from the rising price of oil, while people continue buying the basics despite inflation, aiding consumer staples stocks.
https://www.forbes.com/advisor/investin ... od-or-bad/
Re: Biden's Economy?
Posted: Fri Oct 07, 2022 7:07 pm
by ajax18
How much National debt is healthy in your opinion?
Why aren't you flipping homes in Brazil or some Latin American country with hyperinflation?
Re: Biden's Economy?
Posted: Fri Oct 07, 2022 7:09 pm
by Vēritās
ajax18 wrote: ↑Fri Oct 07, 2022 7:07 pm
How much National debt is healthy in your opinion?
You need to be asking this question in the mirror since you happily approved of Trump's addition of $8 to $10 trillion.
Don't pretend to be concerned about the debt now.
Re: Biden's Economy?
Posted: Fri Oct 07, 2022 7:13 pm
by Gadianton
ajax18 wrote: ↑Fri Oct 07, 2022 7:07 pm
How much National debt is healthy in your opinion?
Do you think the 6.7 trillion Trump added was healthy? Do you think it was healthy to personally sign all the stimulus checks -- "remember who gave you this!"
My right-wing friend was very confused around this time ended up arguing that Trump's stimulus was a lot better than what Obama gave everybody. He was hoping Trump would send more. I asked him how much he thought everyone should get. He said $50,000$.
See, Ajax, if your guy's name is on the check, you won't question it, you'll even promote it.