Economy Let's talk gas prices

[kenetics]

Now do $14 chicken wings.

Inflation going to be an issue for sure. Trump and Biden are at fault for that. The FED keeping printing this fake money which we will never payback.

I do agree that this country needs to move to green energy and lead the way . The planet and our future decendants will need it. So will need to spend alot of this fake money to do so .

 

[Officer Rick]

And I pointed out that we saw this same hackery when Obama was president. Gas prices went up a bit, and hacks were blaming him, and saying that they would soar even more if he were re-elected (Gingrich and others predicted $10 a gallon!), and then he was and they fell, and it just stopped being talked about. You'd think that making that kind of a mistake would cause people to re-evaluate their model of how this stuff works, but that assumes that there's a sincere effort to get things right.

Its a hard time for these guys.. We have a president who uses full sentences and doesn't act like a forum troll on twitter rambling out lies 24/7 .. Things like this gas thing and other small potatoes are their only "gotcha" moments and fake ones at that.. The republicans have always been the "outrage porn" party... look left while we do terrible things right

 

[bobgeese]

Inflation going to be an issue for sure. .

Now do Biden's 6 trillion dollar budget.

 

[Jack V Savage]

Now do Biden's 6 trillion dollar budget.

He's been on a roll. That's going to set the stage for a legit boom, plus long-term strength.

 

[bobgeese]

He's been on a roll.

I practically had to.

 

[kenetics]

Now do Biden's 6 trillion dollar budget.

As long as it goes in infrastructure and green energy I don't really care. Again do you really believe the money they print is real ? If so, that's the problem you're going to have to face .

 

[Jack V Savage]

I practically had to.

Talking about policy. Grown-up stuff, you know?

 

[bobgeese]

As long as it goes in infrastructure and green energy

Are you old enough to remember "shovel ready jobs"?

 

[kenetics]

Are you old enough to remember "shovel ready jobs"?

Yes. You want economic growth at a faster rate then long term. I agree, but we can come to a compromise where we are moving to a new world when it comes to energy. It's going to have to change with or without others who want it to stay the same.

 

[bobgeese]

Talking about policy. Grown-up stuff, you know?

Like raising the corporate tax rate (which those with great lawyers will still manage to wiggle out of)?

Like how inflation is acting as a tax on all of us?


I'm sorry, but after seeing how poorly the "COVID relief" money was spent (for instance the Smithsonian receiving millions for a latinx museum), I'm not exactly optimistic at Biden's plan for "infrastructure and green energy". I'm old enough to remember the shovel ready jobs.

 

[kenetics]

I practically had to.

We will all be there one day too lol.

 

[bobgeese]

Yes. You want economic growth at a faster rate then long term. I agree, but we can come to a compromise where we are moving to a new world when it comes to energy. It's going to have to change with or without others who want it to stay the same.

Sure, show me a serious proposal. I've not seen one come from the Democrats.

 

[kenetics]

Like raising the corporate tax rate (which those with great lawyers will still manage to wiggle out of)?

Like how inflation is acting as a tax on all of us?


I'm sorry, but after seeing how poorly the "COVID relief" money was spent (for instance the Smithsonian receiving millions for a latinx museum), I'm not exactly optimistic at Biden's plan for "infrastructure and green energy". I'm old enough to remember the shovel ready jobs.

Wait didn't you see what the republicans pass in there bill when president trump sign off on it? You better have the same feelings towards that waste of money bill too lol. But again, it's not real money .

 

[bobgeese]

You better have the same feelings towards that waste of money bill too lol. .

I absolutely am. Our government has failed us.

 

[Jack V Savage]

Like raising the corporate tax rate (which those with great lawyers will still manage to wiggle out of)?

Like how inflation is acting as a tax on all of us?


I'm sorry, but after seeing how poorly the "COVID relief" money was spent (for instance the Smithsonian receiving millions for a latinx museum), I'm not exactly optimistic at Biden's plan for "infrastructure and green energy". I'm old enough to remember the shovel ready jobs.

Are you also old enough to remember that the ARRA turned the economy around and gave us one of the strongest recoveries in the developed world until the pandemic hit? Make a prediction about real GDP growth. Maybe we can bet. Inflation, too.

 

[bobgeese]

Are you also old enough to remember that the ARRA turned the economy around and gave us one of the strongest recoveries in the developed world until the pandemic hit? Make a prediction about real GDP growth. Maybe we can bet. Inflation, too.

Pretty sure you lost in your inflation prediction already. Which is fine, everyone is wrong on occasion.


GDP, are we talking this year? His term? I saw the estimate made in his budget. I think they're a bit overzealous. Especially if the terrible jobs report becomes a trend.

 

[Jack V Savage]

Pretty sure you lost in your inflation prediction already. Which is fine, everyone is wrong on occasion.

GDP, are we talking this year? His term? I saw the estimate made in his budget. I think they're a bit overzealous. Especially if the terrible jobs report becomes a trend.

No I didn't, and I'm willing to take a bet.

This year, next year. Harder to predict going further. But if you make a crazy prediction, I'll bet against it.

 

[bobgeese]

No I didn't, and I'm willing to take a bet.

This year, next year. Harder to predict going further. But if you make a crazy prediction, I'll bet against it.

You predicted under 3%. It's over that already. The "consensus" was around 7-8%. It feels like that if not worse already.


GDP, not as high as it could/should be. Unfortunately, Trump didn't handle Covid well. If instead he advised everyone to be prepared, get the vaccine, and get to work. And if they didn't increase unemployment pay, as well as waste a whole bunch of relief money, we might hit those high projections we've seen (8%). However, that's not our reality. If jobs remain a disappointment, 5ish%.


Unfortunately, GDP won't mean a whole lot to most folks if gas is $3.50-4 and beef is 10% more expensive.

 

[Jack V Savage]

You predicted under 3%. It's over that already. The "consensus" was around 7-8%. It feels like that if not worse already.

I predicted under 3% for the year (i.e., 2021). Obviously it was going to be over that YOY from the depth of the pandemic contraction (two-year average was still well under 3%). And my projection is based on the consensus view (2.4% for the year, last I checked).

GDP, not as high as it could/should be. Unfortunately, Trump didn't handle Covid well. If instead he advised everyone to be prepared, get the vaccine, and get to work. And if they didn't increase unemployment pay, as well as waste a whole bunch of relief money, we might hit those high projections we've seen (8%). However, that's not our reality. If jobs remain a disappointment, 5ish%.

Unfortunately, GDP won't mean a whole lot to most folks if gas is $3.50-4 and beef is 10% more expensive.

Talking about real (i.e., after inflation) GDP. What's your expectation for the year?

 

[bobgeese]

I predicted under 3% for the year (i.e., 2021). Obviously it was going to be over that YOY from the depth of the pandemic contraction (two-year average was still well under 3%). And my projection is based on the consensus view (2.4% for the year, last I checked).



Talking about real (i.e., after inflation) GDP. What's your expectation for the year?

I'm don't understand where your "consensus" for inflation comes from (I'm sure the issue is my lack of knowledge). Pretty much every place I saw pegged expected inflation around 7-8%. That's why I was very surprised to see you claim it would be under 3%.


To your last question, I honestly don't know.