Reading up on the various opinions on the new Inflation Reduction Act, it would appear that those clamoring to support this have bought into the Biden idea that inflation is about price gouging and that it is gas stations that are driving up the cost of gas!
From "price gouging" perspective there is an argument to be made that the prescription drug negotiation portion of the bill could reduce costs of drugs. These people somehow believe that the bill will reduce the cost of healthcare by spending more on ACA (Obamacare). Some will believe that people will actually take advantage of certain "tax credits" to reduce the cost of energy. These are the views of the glass is half full and the empty part is not the Government's fault.
The problem is that gas and food prices are the problem, not prescription drugs. The evidence suggests that health care costs have gone up (not down) since we passed the affordable healthcare act. Lastly, nobody saves money short term by installing things like solar panels or buying an electric car. Those are long term investments that may or may not reduce enough of your day to day costs to overcome the one time purchase.
Moreover, very very few people actually believe that inflation is driven by the local grocery store or gas stations gouging us on prices. People do not believe that local retailers and gas stations are (as some argue) taking advantage of supply chain issues to increase their profits. These businesses are struggling and it is well known that gas stations make pennies per gallon. It is the reason why almost all gas stations have convenience stores. The gas makes them no money, and they rely on people coming into the store to make any profit.
Instead the bill taxes people and businesses alike. It then uses that tax money to spend more money on their wasteful pet projects on things like "climate change" and other liberal causes. The American public might not all be Einsteins, but they can recognize that taxing people will not give them more disposable income, that taxing businesses will not reduce prices, and that more Government spending will not reduce inflation.
Most will believe the opposite because they believe that the current inflation recession economy we have right now (Stagflation) is caused by too many taxes and too much spending. They do not fall for the nonsense that this is price gouging that can be cured by the Feds pushing more taxes. They do not fall for the idea that supply chain issues are an excuse to increase profits. They do not see themselves using tax credits to pay for expensive and ugly solar panels or buying a new Tesla.
Unless you seriously believe the Biden rhetoric on why Government policy is not to blame for runaway inflation and the current recession... you are not going to support this bill. That is the bottom line here folks.
45 comments:
Ch, I could not get through the first two paragraphs of your thread article without seeing through you. It was not so much the local gas stations as the huge oil companies who made ENORMOUS profits during the recent price hikes.
Why?
Seems suspiciously to me like they were politically motivated.
But if it becomes increasinly clear who the REAL culprits were, that could backfire on them and on their Republican encouragers.
Sad that most of the rhetoric of the economy is bad is emanating from the right... It almost seems you and your minions are rooting for a recession in order to advance your political agenda come November... With your record of hating women, gays and trannies, no wonder why the generic ballot is moving against you and as I see more party of NO games being played, will keep accelerating against you!!!!!!!! Keep whistling past the grave yard Lil Scotty......your habits and party are not long for the world!!!!!
The government spending didn’t causes this from CBVC
The consumer outlook for inflation decreased significantly in July amid a sharp drop in gas prices and a growing belief that the rapid surges in food and housing also would ebb in the future.
The New York Federal Reserve’s monthly Survey of Consumer Expectations showed that respondents expect inflation to run at a 6.2% pace over the next year and a 3.2% rate for the next three years.
The newly passed " Inflation Assurance Bill" will excise tax, oil, natural gas and coal .
Roger and James cheered the 51/50 vote.
The bottom line is that costs of the inflation Reduction Act is that the 15% tax on corporations will pay for the green Reduction $385 billion infrastructure systems.
Reverend...
My brother runs a convenience station. They make pennies per gallons (as in single digits per gallon). There is more tax than there is profit.
So no... that station is not making any "record profits".
If you look at major grocers like Wallmart and Target - their stock ticker are down as much as 30% from the beginning of the year based on reduction of profits and supply chain issues.
Inflation is "not" being driven by price gouging.
Sleepy Joe Biden’s visit to flood-ravaged eastern Kentucky today he is not just viewing the effects through the lens of a disaster needing federal assistance but also through the lens of the climate crisis that is making events like this more intense, more common and more deadly, in America and around the world.
Even in Washington state where Scott lives the temperature is at records high level in history 🤔
Blogger Coldheartedtruth Teller said...
The government spending didn’t causes this from CBVC
You mean CNBC, alky. And that article is a joke. Like they're trying to pick up a turd from the CLEAN END.
Stick to the rules and stop fucking plagiarizing alky.
Asshole.
When this blog finally does shut down YOU'LL be the reason.
Mentally ill fuck.
Roger, who or where did you get this
"belief that the rapid surges in food"?
The food you eat later is still in the field and in feed lots .
Those grains and Animals have not passed on the cost of fuel, feed and fertilizer.
In your own words, Reverend (or Roger).
How will taxing oil or gas companies decrease the price of heat, fuel, gas, etc...
Please explain.
Considering that he has had a lot of success in the last year and a half.
He will keep Iran from becoming a nuclear power nation.
BIDEN’S NEXT BIG WIN? — As President JOE BIDEN continues an historic stretch of legislative success, plus a successful operation that killed an al Qaeda leader, he may be homing in on another major foreign policy feather in his cap: a suddenly resurrected Iran nuclear deal.
Our colleague Stephanie Liechtenstein reports: “Indirect talks between Iran and the U.S. on restoring the 2015 nuclear deal are expected to conclude Monday in Vienna, putting the final draft of an agreement in front of negotiators from Washington and Tehran.
“Western officials told POLITICO on Monday that they had finished negotiating technical questions that had remained open in the final draft text circulated by the European Union foreign policy chief JOSEP BORRELL on July 21. The final draft determines the steps that Iran and the U.S. will have to take to return to full compliance with the original 2015 Iran nuclear deal, officially called the Joint Comprehensive Plan of Action.”
He has accomplished his campaign promises.
Trump In four years all he did was to stage a coup
Inflation is not being driven by price gouging?
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Big Oil companies post record profits
Rachel Frazin
July 29, 2022
ExxonMobil, Chevron and Shell posted record profits in the second quarter of 2022 as companies announced earnings this week.
The profits come as the world saw extremely high prices of both oil and gasoline.
Exxon said Friday that between April and June of this year, it made $17.9 billion, up from about $5.5 billion during January through March.
Chevron, meanwhile, made $11.6 billion, up from around $6 billion last quarter.
Shell made $11.5 billion, up from $9.1 billion the previous quarter.
The profits come amid consistently high fuel prices spurred by Russia’s invasion of Ukraine. This year, prices of U.S. crude oil peaked in March, which was in the first quarter, but remained above $100 per barrel for several weeks.
U.S. gasoline prices spiked in June and have fallen in recent weeks.
Democrats have criticized the companies’ high profits as Americans contended with high fuel prices. President Biden has been among those to criticize oil companies, specifically calling on refiners to produce more oil in June.
At the time, Chevron CEO Mike Wirth pushed back, saying that there weren’t easy fixes to supply challenges and criticized the administration over rhetoric that he said was vilifying the industry.
This week’s profit announcements drew new criticism from the left, particularly as the companies also said they would buy back more shares of their stock as a way of giving money to shareholders.
“While you were feeling pain at the pump, Shell, Exxon, and Chevron raked in $46 BILLION in profits over the last three months and said they would spend up to $47 billion on stock buybacks after spending $18.8 billion so far this year. Yes, it’s time for a windfall profits tax,” tweeted Sen. Bernie Sanders (I-Vt.).
Let's be clear - while many gas companies are making high profits (Exxon, Mobile) - nobody is considering that they took huge losses during the Covid restrictions when gas (in Minnesota at least) dropped down to just over a dollar a gallon.
So some of this is "over last year" numbers that will reflect the fact that things sucked for gas companies when nobody was traveling, nobody was driving to work, and pretty much cars sat in driveways.
Not hard to see record "increases" in profits over the previous years when there was nowhere to go but up. Also, with inflation going through the roof the normal same percentage profit would be up the same as inflation.
This is the first summer in the past three that people are actually getting out and traveling again. Many are going back to the office. People are driving again.
I could have predicted that this would have happened and I have regretted not dumping a bunch of money into the oil companies about a year and a half ago...
In your own words, Ch, explain why this is not price gouging.
_____
Amid civility, rrb shows up here cursing.
Stop it. (He won't. He can't.)
From the Reverend!
When Biden asked his chief of staff Ron Klain why his own generals were not as "totally loyal" to him as Hitler's generals had been to Hitler, Klain reminded Biden that Germany's generals had tried three times to kill Hitler. LOL LOL LOL
Good one! I probably don't believe it happened, but it is one of those funny jokes that some people take seriously!
Scott and I have asked two questions of Roger and Scott .
Let us watch them shine .
Consumers expect inflation to slow down, a big win for the Fed
https://www.cnbc.com/2022/08/08/consumers-expectations-of-future-inflation-decreased-significantly-in-win-for-the-federal-reserve.html?__source=androidappshare
This is why I support it 💯
The bill puts a 15% minimum tax on corporations that earn more than $1 billion in annual profits, which is projected to raise at least $258 billion over the next 10 years.
It does not include new taxes on families making $400,000 or less and no new taxes on small businesses.
If the executives have to take a cut in wages won't hurt rich people.
And if the profits go down, that would balance it.
But off topic but I remember her so well. Cancer sucks
Olivia Newton-John, the Australian singer whose breathy voice and wholesome beauty made her one of the biggest pop stars of the '70s and charmed generations of viewers in the blockbuster movie "Grease," died on Monday, according to a statement from her husband. She was 73.
Blogger Coldheartedtruth Teller said...
If the executives have to take a cut in wages won't hurt rich people.
And if the profits go down, that would balance it.
What in the ever loving fuck is this supposed to even mean???
You really believe executive pay has anything to do with inflation
My god
The 15% taxes
The tax applies to companies reporting $1 billion in annual earnings. It would impact only around 150 large firms, according to the Joint Committee on Taxation.
KD
Cali , RRB and Scott.
Roger gave it his very best.
Blogger Coldheartedtruth Teller said...
The 15% taxes
The tax applies to companies reporting $1 billion in annual earnings. It would impact only around 150 large firms, according to the Joint Committee on Taxation.
And that 15% will be passed directly on to us - the consumer. Contributing to an already crushing inflation rate.
Brilliant.
Anonymous Caliphate4vr said...
You really believe executive pay has anything to do with inflation
My god
Yep. The level of economic ignorance is absolutely breathtaking.
Rat...
one of you (Roger or you) took Econ 101! Bet I know which one!
I didn't think you would stoop to out-and-out lying, Ch, but you did at 2:58.
What I really posted was:
When Trump asked his chief of staff John Kelly why his own generals were not as "totally loyal" to him as Hitler's generals had been to Hitler, Kelly reminded Trump that Germany's generals had tried three times to kill Hitler.
LOL LOL LOL
Your blatant lie deserves a C & P that at least tells the truth:
Trump Wanted His Generals to Be Like Hitler’s
August 8, 2022 at 10:00 am EDT By Taegan Goddard 204 Comments
“Former President Donald Trump told his top White House aide that he wished he had generals like the ones who had reported to Adolf Hitler, saying they were ‘totally loyal’ to the leader of the Nazi regime, according to a forthcoming book about the 45th president,” the New York Times reports.
Said Trump to John Kelly, his chief of staff: “Why can’t you be like the German generals?”
This anecdote is from an excerpt from The Divider: Trump in the White House by Peter Baker and Susan Glasser. It depicts Trump “as deeply frustrated by his top military officials, whom he saw as insufficiently loyal or obedient to him.”
Interestingly, in the conversation with Kelly, the chief of staff told Trump that Germany’s generals had “tried to kill Hitler three times and almost pulled it off.”
_________
But I guess since you, Ch, think Alex Jones is justified in out-and-out lying, you think you are too.
When President Donald Trump said to General Milly "why aren't my own generals were not as "totally loyal" to me as Hitler's generals had been to Hitler"
From his letter of resignation
It is my belief that you were doing great and irreparable harm to my country. I believe that you have made a concerted effort over time to politicize the United States military. I thought that I could change that. I’ve come to the realization that I cannot, and I need to step aside and let someone else try to do that.
It is my belief that you were doing great and irreparable harm to my country. I believe that you have made a concerted effort over time to politicize the United States military. I thought that I could change that. I’ve come to the realization that I cannot, and I need to step aside and let someone else try to do that.
From his letter of resignation
It is my belief that you were doing great and irreparable harm to my country. I believe that you have made a concerted effort over time to politicize the United States military. I thought that I could change that. I’ve come to the realization that I cannot, and I need to step aside and let someone else try to do that.
It is my belief that you were doing great and irreparable harm to my country. I believe that you have made a concerted effort over time to politicize the United States military. I thought that I could change that. I’ve come to the realization that I cannot, and I need to step aside and let someone else try to do that.
Reverend...
The first time I heard the Hitler General story was back when W was President. Then it was Bush going to his Joint Chief of Staff and having the same dialogue as Trump apparently had about the loyalty of his generals, Hitler, etc... Probably goes back further than that.
Sort of like the plane parachute backpack story that has about 101 different punchline.
Funny how upset you get when someone claims it was Biden who said it??
“You fucking generals, why can’t you be like the German generals?”
“You fucking generals, why can’t you be like the German generals?”
KD,
I find it shocking how little James and Roger know about all things involving Capitalism.
Socialism, they own that.
And that 15% will be passed directly on to us - the consumer. Contributing to an already crushing inflation rate.
Brilliant.
Anonymous Caliphate4vr said...
You really believe executive pay has anything to do with inflation
My god
Yep. The level of economic ignorance is absolutely breathtaking.
Socialist logic.
Biden did nothing to cause inflation. But, but, but....
He can legislate lower inflation 🤣
Well, Ch, at first I thought you might have something there.
So I googled, "Did George Bush ever ask for a Hitler-like loyalty from his generals?"
And I got nothing.
So now I'm sure you will link us to what you claim to have come across back when W was in office.
Remember when I said that supply chains problems contributed to inflation?? You said that I'm stupid.
Supply chain bottlenecks are beginning to clear up as consumer spending returns to a more normal mix of goods and services.
Driving the news: The New York Fed's Global Supply Chain Pressure Index (GSCPI) fell for the third straight month in July, hitting its lowest point since January 2021.
Why it matters: We've been dealing with one supply chain crisis after another since the pandemic threw the global economy out of whack — and it's been contributing to runaway inflation.
Post it
I said it before
Supply chain bottlenecks are beginning to clear up as consumer spending returns to a more normal mix of goods and services.
Driving the news: The New York Fed's Global Supply Chain Pressure Index (GSCPI) fell for the third straight month in July, hitting its lowest point since January 2021.
Why it matters: We've been dealing with one supply chain crisis after another since the pandemic threw the global economy out of whack — and it's been contributing to runaway inflation.
Gee Reverend...
Because Bush never actually asked his Joint Chief of Staff why his generals were not as loyal as the German ones who everyone knows tried to assassinate Hitler...
It was a joke about how stupid some people felt George W Bush was...
You understand the difference between W "actually" asking that and it being a funny joke that he was so dumb as to believe the Nazi Generals who wanted to kill Hitler were loyal?
Ahem...
Whatever Reverend.
You believe whatever you want and whatever makes you feel better!
Lol, Roger .
Scott is mocking you by posting your repeated , same tired posts.
Tyson food passing on to the consumer high feed and transportation costs.
However, some people are shifting away from high-priced meats as food prices continue to surge. Grocery prices alone increased 12.2% in June compared to a year ago, outpacing the overall Consumer Price Index.
Funny Roger...
I literally just got back from having to go to both Target and Fred Meyer to complete my shopping run? You know why? Because Target was out of certain things that Fred Meyer had, and Fred Meyer was out of things Target had.
But hey... if a newspaper article says we have no supply chain issues, then I guess I should not believe my own experience and my own lying eyes!
Tyson foods announcement:
Tyson increased chicken prices by 20.1%
Ot but
Russia has suffered between roughly 70,000-80,000 casualties, including killed and wounded, over the course of the war.
We lost half of that in Vietnam
Why it matters: We've been dealing with one supply chain crisis after another since the pandemic threw the global economy out of whack — and it's been contributing to runaway inflation.
Earlier today you claimed inflation was caused by executives pay.
Make up your mind, well what little is left of it
Roger
We already talked about the documents in the toilet and Reverend already added a link to the Axios story... it showed what it showed. A single piece of paper ripped up with the names "Rogers" and "Stephanie" shown.
Why are you repeating that and and trying to spam about it again? Do you really "NOT" actually read anything other than what you write?
And no Roger (and Reverend) - the story itself doesn't matter. Only the pictures that they can provide. If that is the best that they have to prove this story, well then that is just another Maggie Haberman hoax that you and the Reverend have fallen for. Not sure Maggie has gotten anything right about Trump. But she sure gets you guys going!
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