FT-Michigan Ross poll underlines president’s struggle to overcome impact of inflation on voters’ economic outlook
  • PizzaMan@lemm.ee
    31·
    1 year ago

    Biden has directly influenced the cost of fuel.

    No he doesn’t. At best the president has an indirect and minimal effect on fuel prices.

    https://www.youtube.com/watch?v=QnBqAzJXVGo

    Stopping drilling on federal land lowered supply and increased cost.

    We should have stopped in the 70s, but here we are.

    But regardless, he didn’t stop the current wells from extracting, he increased the cost of new ones.

    https://www.nytimes.com/2023/07/20/climate/biden-drilling-federal-lands.html

    https://usafacts.org/articles/how-much-oil-and-gas-comes-from-federal-territory/

    Believe me I wish he actually put a stop to it.

    Spending Biden called for and. approved has increased inflation.

    Inflation takes a while to hit, so much of what we are experiencing is from Trump’s administration. And in addition to that, the president doesn’t set the budget, congress does. Republicans are just as responsible for calls for spending and approval of inflation increasing policy.

    And that’s all before acknowledging that it’s corporate greed disguised as inflation for the most part. Corporate earnings are at record breaking highs. That’s not a coincidence.

      • PizzaMan@lemm.ee
        2·
        1 year ago

        Biden stopped exploration of new drill sites, that will decrease supply, which it did, less supply increases cost to the consumer.

        Which is why I said “indirect and minimal”. The other causes are much stronger.

          • PizzaMan@lemm.ee
            4·
            1 year ago

            When Biden opened up leases guess what happened, the price went down.

            Cool. Doesn’t change the fact that the president has a minimal effect.

            Government spending has a direct correlation to inflation.

            I am aware.

              • PizzaMan@lemm.ee
                3·
                1 year ago

                Fuel prices rising 30% after Biden shut down leases then fell 25% when he opened them back up. Sure seems like he has an effect.

                Correlation does not imply causation. You’re applying 100% of the cause to Biden due to correlation when in reality Biden is only a small part.

                The Biden was the one who approved the budget, he threatened to veto if spending items were cut. He could have vetoed unless spending was cut. He didn’t and now we have inflation.

                Again, it takes a long time for government policy to influence inflation, and so what we are currently experiencing is largely from Trump’s administration. And again, a big chunk of the “inflation” isn’t actually inflation but instead corporate greed. And third, sometimes spending is necessary to avoid a bigger disaster.

                  • PizzaMan@lemm.ee
                    3·
                    1 year ago

                    Production didn’t change for other nations

                    Dude. Have you been living under a rock? Have you somehow not heard of the giant fucking war going on in Europe?

      • PeepinGoodArgs@reddthat.com
        2·
        1 year ago

        Biden stopped exploration of new drill sites, that will decrease supply, which it did, less supply increases cost to the consumer.

        Specifically, fossil fuel costs. Renewable energy costs continue to decline and are cheaper than fossil fuels.

        Also, higher consumer costs aren’t necessarily a bad thing. A higher fossil fuel costs force consumers to be more judicious about their choices that involve fossil fuels. How is that a bad thing? A price-sensitive consumer will reduce their use of fossil fuels, and have more money to spend on other areas of their life. In contrast, gas guzzling pavement princesses will eat into their owner’s pockets more than ever before.

        Between the two, I’d prefer to be the former so I can eat more steaks and potatoes.